Bank of America announced it will be offering consumers a brief document detailing the basic terms and conditions for a consumer and small business checking account. BofA's announcement follows similar initiatives from JPMorgan Chase and Citibank over the last year to provide bank customers with an easy-to-read form distilling the key fees and policies of checking accounts.
The Charlotte, N.C.-based bank said the new document is an update to is existing "Checking Clarity Statement" released in 2009. The bank said the new version takes several recommendations from the Pew Charitable Trust, which first proposed that banks adopt a plain-language form for providing basic financial information.
“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, in a statement. “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’ experience.”
The revised Checking Clarity Statements will be available in banking centers and can also be accessed online at http://message.bankofamerica.com/CheckingClarity. Spanish-language versions will also be available shortly, said the bank.