Charlotte, N.C. (PRESS RELEASE – April 8, 2010) — In line with its commitment to provide customers with clear and concise information, Bank of America has expanded its industry-leading Clarity Commitment to its two million small business credit card accounts. The Clarity Commitment – a one-page summary of each customer’s rates, fees and payment information – will be mailed to customers this month along with information about improvements to account terms.
“We are committed to supporting the needs of our small business customers,” said Bank of America Deposit and Card Products Executive Susan Faulkner. “We understand that small businesses have been especially hard hit in this economic environment, and our goal is to make it as simple and easy as possible for them to understand their lending products so that they can use credit wisely and grow their businesses.”
Each cardholder’s one-page Clarity Commitment will include the following information:
* Rates for purchases, balance transfers, and cash advances.
* Payment information to keep the account in good standing.
* Summary of fees.
Bank of America initially introduced the Clarity Commitment to its mortgage customers last year and has since expanded to other credit products, including home equity loans and consumer credit cards.
Bank of America is also making a number of improvements to small business card accounts, including:
* No rate increases on existing balances.
* At least 45 days’ advance notice on any rate changes on future balances.
* No fee for going over the credit limit.
* Minimum of 25 days from statement closing date to payment due date.
The change to existing balances goes into effect in May and other changes will go into effect in July.
“Our objective is to provide solutions that help our customers better manage their daily finances and provide them with the control, choice and clarity they have asked for,” said Faulkner. “Our Clarity Commitment and these additional changes to our small business credit card accounts are all part of a broader commitment to building stronger relationships with small businesses and serve their credit, deposit and payment needs.”
Bank of America Commercial Product Delivery Executive Laura Whitley added, “We serve more small businesses than any other bank in the country and lent more than $16.5 billion to them last year. But we see our responsibility as more than lending. Our goal is to support their growth through education and support, advocating on their behalf and helping where we can. The first step is making sure we are clear and transparent from the very beginning of our relationship.”
Last year, we modified payment structures to improve monthly cash flows for more than 60,000 small business card customers – a 50 percent increase over 2008.
Bank of America has pledged to increase lending to small- and medium-sized businesses in 2010 by at least $5 billion.
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 59 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 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.