Economy

Changes: Bank of America sends out simple statements

With the credit card industry under fire for high interest rates and fees, Bank of America Corp. today said it will send 40 million customers a one-page statement that aims to clearly lay out the terms of their accounts.

The Charlotte bank's "credit card clarity commitment" is billed as a simple, clearly written list of customers' rates, fees and payment information. The bank earlier this year created a similar statement for mortgage customers.

“It's an evolution of what our company is doing to improve the transparency of our products and services,” said Ric Strothers, Bank of America's Delaware-based head of card services, in an interview.

The credit card industry is in upheaval as customers increasingly struggle to pay their bills in a time of high unemployment. Regulators and lawmakers are also cracking down on the fees and rates credit card issuers can charge.

Read the complete story at charlotteobserver.com

  Comments