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Bank of America Checking Disclosure Becomes Clearer for Customers

New Checking Clarity Statements Provide Account Fees and Policies in Easy-to-Read Format

Category:

Wednesday, August 29, 2012 9:00 am EDT

Dateline:

CHARLOTTE, N.C.

Public Company Information:

NYSE:
BAC
"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."

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’ experience.”

“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 http://message.bankofamerica.com/CheckingClarity. 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.

www.bankofamerica.com

Contact:

Betty Riess, Bank of America, 1.415.913.4416
betty.riess@bankofamerica.com