Bank of America announces new initiative

Bank of America announces a new initiative to simplify consumer communications and help customers understand their banking agreements.  The launch of the Credit Card Clarity Commitment((TM)), a one-page summary of customers' rates, fees, and payment information will help create simple transactions for Bank of Americas customers.   Beginning in December, the Credit Card Clarity Commitment will be sent to approximately 40 million current cardholders and will be available to new customers next year.  Rates for purchases, balance transfers, cash advances, Payment information to keep the account in good standing, and Summary of fees will be included in each cardholder's Credit Card Clarity Commitment.

"We know that now, more than ever, people want clear, straightforward information from their bank," said Bank of America Global Card Services President Ric Struthers. "Our goal is to communicate clearly and make it as simple and easy to understand as possible so that they can use credit wisely. Our business is linked to our customers' success, and we will do everything we can to ensure they have the information they need in simple, clear, and straightforward terms."

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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 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 29 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 more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 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.

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