Consumer Payment Card News

BOFA CLARITY

Bank of America is mailing out a one-page summary of customers’ rates, fees, and payment information tomorrow to 40 million current cardholders. The “Credit Card Clarity Commitment” is part of a number of initiatives by BofA to simplify loan information for consumers. The bank recently launched the “BankAmericard Basic,” which has one rate for all transactions and no overlimit fees. Earlier this year, BofA unveiled a “Clarity Commitment” with a simple one-page loan summary for mortgage and home equity customers; introduced new options for checking account customers to limit overdraft fees and recently debuted an easy-to-navigate Web site, bankofamerica.com/solutions, that provides tools and resources to help consumers manage their finances.

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