In a sign of big banking listening to customer demand, Bank of America launched a cardholder communications program today, aimed at clarifying rates, fees and payment information for its users. The Credit Card Clarity Commitment initiative is a one-page explanation of a cardholder's banking agreement. The summary is set to be sent to 40 million current customers in December, and will be available to new customers starting next year.
A Bank of America release stated:
“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.”