The Bank of America Clarity Commitment has reached over 1 million homebuyers in under a year, providing new Bank of America mortgage customers with simple, accessible information on the details of their loan.

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Transparency in Lending

The Clarity Commitment was added to the Bank of America welcome package in April of 2009, in response to consumers requests for greater transparency and fewer surprises concerning the key terms and conditions of their mortgage loan. A survey by Bank of America shows that four out of five of their customers believe this type of loan clarification document is necessary.

The Commitment is a simple, one page document that is given to new customers looking to finance a home, and provides important information on interest rates, closing costs and monthly payments. The Clarity Commitment is also available for home loan modifications under the government Home Affordable Modification Program (HAMP).

Clarity in Credit Lending

The Mortgage Clarity Commitment has now reached over 1 million potential homebuyers, and Bank of America has decided to build on the success of this program with the Credit Card Clarity Commitment. Similar to the Mortgage document, the Credit Card Clarity Commitment provides important information on your credit card contract, so that you are not surprised by hidden fees or other fine print. These reforms to the Bank’s loan information packets comes just in time for the implementation of the Credit Card Accountability Responsibility and Disclosure (CARD) Act set to go into effect February 22.

“We are pleased with how consumers and associates have rallied around this evidence of our brand promise to help lead the industry into a new era of responsible lending,” said Barbara Desoer, president of Bank of America Home Loans.

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  • banker1102

    A lot of banks charge non customer check cashing fees. It’s a service charge for the non customers. If you went to any other place to cash a check, they would, too, charge a fee. It’s 1% of the check, min of $2 max of $20. They always have the option to verify funds, no charge, and take it to their bank. You also have option of online bill pay, which mails them a cashier check from Regions. It wouldn’t charge them anything to cash that check, nor you.

    The hold on the ‘cashier check’ is because most check that re fraudulent, are cashier checks. We do it to protect you, the customer. If we didn’t put a hold on it and you went out and spent all of that money, and it came back as a bad check and you had NSF fees due to thy check, who would you me mad at? Probably the bank.

    Once you give someone or a ‘company’ to authorize a payment with your account number, they have the ability to pull at anytime. Everyone wants to blame the banks, when you’re the one who gave authorization. The ONLY way to stop the company from running ANY amount through is by opening a new account. That’s why it’s best to use debit cards when giving payments out. You can always close a card easily, not an account. The bank should make it an easy process to switch everything over.

  • BlueSheep

    I have had large checks held by several banks. This is not just a Regions thing. As banker1102 said it is for your protection because it would really suck to have deposited a large deposit and think you have money only to find you have been charged a fee because the check bounced or was not legit.