40 Million Credit Card Customers Will Receive a One-Page Summary of Their Rates, Fees, and Payment Information

CHARLOTTE, N.C., Nov. 30 /PRNewswire/ -- After leading the industry in launching BankAmericard Basic((TM)), which has one rate for all transactions and no over limit fees, Bank of America today announced the launch of the Credit Card Clarity Commitment((TM)), a one-page summary of customers' rates, fees, and payment information. Bank of America, the nation's largest bank by assets, is the first bank to provide each cardholder with a clear and simple explanation of this kind.

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This is the latest initiative from Bank of America to simplify consumer communications and help customers understand their banking agreements. The Credit Card Clarity Commitment will be sent to approximately 40 million current cardholders beginning in December and will be available to new customers next year.

"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."

"Bank of America is investing more in our customers and our future," said Brian T. Moynihan, Bank of America Consumer, Small Business Banking, and Card Services president. "We are delivering simplicity and choice across our products and services that will help our customers better manage their finances. In the end, when our customers succeed, we will succeed."

Each cardholder's Credit Card 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

The company continues to introduce new ways to respond to consumers' desire for increased transparency across banking products and services. Earlier this year, Bank of America unveiled a Clarity Commitment((TM)) with a simple one-page loan summary for mortgage and home equity customers; introduced new options for checking account customers to limit overdraft fees; and recently debuted an easy-to-navigate Web site, bankofamerica.com/solutions, that provides tools and resources to help consumers manage their finances. In addition, Bank of America calls new credit card customers to welcome them to the company and to answer any questions they may have about their new account.

The Credit Card Clarity Commitment is scheduled to begin mailing on Dec. 1, 2009.

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.

www.bankofamerica.com

SOURCE Bank of America

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