Bank of America Checking Disclosure Becomes Clearer for Customers
As part of its ongoing commitment to clarity, Bank of America today
announced it is launching new Checking Clarity Statements that provide
information about key fees and policies for each consumer and small
business
account in a clear and easy-to-read two-page format.
Bank of America initially introduced a Checking Clarity Statement in
2009. The revised Checking Clarity Statement incorporates many of the
recommendations made by The Pew Charitable Trusts as well as feedback
from customers.
Our customers want clear and easily accessible information about their
accounts so they can make the choices that are right for them, said
Consumer and Small Business Products Executive Susan Faulkner. We
listened to customers and made enhancements that help make it easier for
them to understand and control their finances. Our commitment to clarity
is not new, but we continue to look for ways to improve our customers
experience.
By adopting the disclosure box, Bank of America is demonstrating that
they understand the importance of being transparent with consumers,
said Susan Weinstock, director of Pews Safe Checking in the Electronic
Age Project. Now, more Americans can obtain essential financial
information in an easy-to-understand format. We urge other financial
institutions to follow suit.
The revised Checking Clarity Statements will be available in banking
centers and can also be accessed online at http://message.bankofamerica.com/CheckingClarity.
Spanish-language versions will also be available in the coming weeks.
In addition to the Checking Clarity Statement, Bank of America provides
customers with Clarity Commitments for mortgages,
equity loans and
card accounts. First launched in 2009, the Clarity Commitments are
one-page summaries of key features, rates and fees in easy-to-understand
language. The bank has provided Clarity Commitments to more than 48
million credit card and home loan customers.
Bank of America
Bank of America is one of the world’s largest financial institutions,
serving individual consumers, small- and middle-market businesses and
large corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in the United
States, serving approximately 56 million consumer and small business
relationships with approximately 5,600 retail banking offices and
approximately 16,200 ATMs and award-winning online banking with 30
million active users. Bank of America is among the world’s leading
wealth management companies and is a global leader in corporate and
investment banking and trading across a broad range of asset classes,
serving corporations, governments, institutions and individuals around
the world. Bank of America offers industry-leading support to
approximately 4 million small business owners through a suite of
innovative, easy-to-use online products and services. The company serves
clients through operations in more than 40 countries. Bank of America
Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial
Average and is listed on the New York Stock Exchange.
For more Bank of America news, visit the
of America newsroom.
