Bank of America Mails Credit Card Clarity Commitment Letters to Customers

For forty million Bank of America credit card holders, holiday cards won't be the only welcome mail this December. Bank officials announced an initiative to send each account holder a letter that explains their cards' fees and conditions, in plain English. Bank of America spokesperson Brian T. Moynihan called these "Credit Card Clarity Commitment" mailings an investment in the company's customers and in their future. "We are delivering simplicity and choice across our products and services that will help our customers better manage their finances," Moynihan said.

Although consumer advocates welcome the letters as a positive sign for credit card customers, they note that new banking regulations will require lenders to include even clearer communication in monthly statements. Along with summarizing terms and conditions, banks must report the length of time it would take to pay off an outstanding credit card balance by making only minimum payments. In addition to Credit Card Clarity Commitment mailings to all customers, Bank of America announced its intention to continue a program of calling new cardholders to answer questions about their accounts.