Good news for BoA customers

Bank of America will send its 4 millions credit card customers a one-page letter outlining in clear and simple language various fees and interest rates. It will also explain how interest rates will increase when payments are missed.

Though this letter is voluntary, it reflects the sentiment of federal laws, which go into effect in February, aimed at clarifying banking policies for consumers.

Not included in the letter is how long it will take to pay off the debt paying only the minimum payments; this information will be required on monthly statements starting in February.

Learn more here:

BofA aims to clearly spell out credit card terms
http://finance.yahoo.com/news/BofA-aims-to-clearly-spell-apf-248155023.html?x=0&.v=2