On Monday Bank of America Corp. launched a program in which it is offering its credit-card customers an easy-to-understand list of terms and conditions for each account.
Credit Card Clarity Commitment program
It has been said by the bank that in this Credit Card Clarity Commitment program they will provide each cardholder with a one-page summary of all account terms in plain language. The program is an extension of BofA’s clarity initiative that has been launched by the bank earlier this year for its mortgage business.
Credit Card Clarity Commitment
The bank said that each BofA cardholder will receive a Credit Card Clarity Commitment in which rates for purchases, balance transfers and cash advances; payment information to keep the account in good standing; and a summary of fees is included.
Letters mailed to Card Holders
Moreover Letters having the easy-to-understand information will be mailed to cardholders beginning Dec. 1. Charlotte-based BofA is known as the nation’s largest credit card lender.
With $13.8 billion in local deposits and 38.8% market share, BofA is the largest bank in Northeast Florida.
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