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.
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