Week of 1.2.2009
Bank of America StatementNOW on PBS contacted Bank of America for an interview for our program "Credit Crunch." They declined our interview, but sent the following response.
Specific to Bank of America, we continue to provide credit to qualified borrowers. In response to the current economic environment, we have tightened underwriting criteria across our credit card portfolio and continue to closely monitor the external market. On existing accounts, we may adjust some customers' lines based on their risk profile and
performance with us. We also are closing some accounts with zero balances that have been inactive for more than a year. These are not necessarily new practices, but we are taking a more aggressive look at accounts to control risk given the current environment.
Our objective is to work with our customers who are facing financial difficulty and we have accelerated our efforts to reach out to customers earlier in the delinquency cycle before their financial situation becomes too distressed. We offer a number of tools to assist customers such as waiving or ceasing fees and reducing interest in connection with
monthly payment programs. We also work with more than 400 non-profit credit counseling agencies that counsel, educate and develop restructured payment plans for customers who are experiencing financial stress.
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Bank of America's Response to Our Show
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