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Digital News Report – Bank of America says they will extend its clarity commitment to the two million small business customers. They will be extending the benefits of the Credit Card Act of 2009 to their business customers.
Beginning this month, BofA will provide a one-page summary including rates, fees and other payment information. They call this statement a “Clarity Commitment”.
Initially they added a “Clarity Commitment” to their mortgage customer statements last year. But since then they expanded the service to credit cards and other credit products including home equity loans.
Besides providing the clarity statement, the bank is improving the business card in other ways. They will not increase the rate on existing balances. They will give a 45- day notice for any rate changes. That increase will only apply to future purchases.
Bank of America will not charge any more fees for going over the credit limit, according to a statement. They will also give a minimum of 25 days from statement closing date to payment due date.
By: Tina Brown