21 October 2014

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Paul Penrose - Finextra

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Finance 2.0

A community for discussing the application of Web 2.0 technologies to financial services.

Message to BofA: If you want Clarity try YouTube

01 December 2009  |  3346 views  |  1

Bank of America has announced the launch of the Credit Card Clarity Commitment(TM), a one-page summary of customers' rates, fees, and payment information.

"Bank of America is investing more in our customers and our future," says 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."

I'm not entirely convinced that Bank of America needed to trade mark its committment to customer clarity since the job is already being done for it by a legion of disgruntled customers and former staff in social media circles.

For an insider's view on Bank of America's application of rates and fees I'd suggest that potential customers instead tune into this eloquent YouTube vide: Why Bank of America fired me, from Jackie Ramos who reports back from a six-month stint in the bank's 'customer assistance' (ie collections) department.

"There was something inherently evil about my job," says Jackie.

Is that enough clarity for you?

TagsPaymentsRetail banking

Comments: (2)

Keith Appleyard - available for hire - Bromley | 02 December, 2009, 09:15

I watched that Video - thank you to Jackie for bothering to record it, and thank you to Paul for drawing it to our attention. It's an excellent piece and I would recommend anyone to take the less than 10 minutes to listen to it and take it to heart - but of course BofA probably won't.

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Paul Penrose - Finextra - London | 02 December, 2009, 14:54

Why would a bank rather drive a credit card debtor into bankruptcy than cut off their credit line and move them to a four-year loan with certainty of repayment? Because it's more profitable to charge 30% and late payment fees on the credit card debt, assuming the poor unfortunate holding the card holds out for a couple of years before going to debtor's prison. Mike Konczal crunches the numbers.

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Paul Penrose

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Head of Research

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Finextra

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2007

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London

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