Bank of America Checking Disclosure Becomes Clearer for Customers

As part of its ongoing commitment to clarity, Bank of America today

announced it is launching new Checking Clarity Statements that provide

information about key fees and policies for each consumer and small

business checking

account in a clear and easy-to-read two-page format.

Bank of America initially introduced a Checking Clarity Statement in

2009. The revised Checking Clarity Statement incorporates many of the

recommendations made by The Pew Charitable Trusts as well as feedback

from customers.

“Our customers want clear and easily accessible information about their

accounts so they can make the choices that are right for them,” said

Consumer and Small Business Products Executive Susan Faulkner. “We

listened to customers and made enhancements that help make it easier for

them to understand and control their finances. Our commitment to clarity

is not new, but we continue to look for ways to improve our customers’


“By adopting the disclosure box, Bank of America is demonstrating that

they understand the importance of being transparent with consumers,”

said Susan Weinstock, director of Pew’s Safe Checking in the Electronic

Age Project. “Now, more Americans can obtain essential financial

information in an easy-to-understand format. We urge other financial

institutions to follow suit.”

The revised Checking Clarity Statements will be available in banking

centers and can also be accessed online at

Spanish-language versions will also be available in the coming weeks.

In addition to the Checking Clarity Statement, Bank of America provides

customers with Clarity Commitments for mortgages, home

equity loans and credit

card accounts. First launched in 2009, the Clarity Commitments are

one-page summaries of key features, rates and fees in easy-to-understand

language. The bank has provided Clarity Commitments to more than 48

million credit card and home loan customers.

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 56 million consumer and small business

relationships with approximately 5,600 retail banking offices and

approximately 16,200 ATMs and award-winning online banking with 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

approximately 4 million small business owners through a suite of

innovative, easy-to-use online products and services. The company serves

clients through operations in more than 40 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.

For more Bank of America news, visit the Bank

of America newsroom.