Last month, some of the firms we track announced new options that will increase the say clients have in various product offerings, as well as in the design of their online accounts. In addition, Citibank introduced tablet banking, American Express launched a program with iDine and TD Ameritrade upgraded online account security. Private Homepage Customization Two firms – Scottrade and Wells Fargo – introduced new customization options on their respective private site homepages.
When the CARD Act of 2009 was passed, small business credit cards were noticeably absent from the legislation. The act protects personal card holders from unfair practices such as hidden fees and sudden interest rate increases, but offers no protection to small business card holders. While recently following firms for our new Small Business Card Monitor, we noticed that Bank of America is making the strongest effort to inform its small business clients online of account changes it has made in response of the CARD Act. Bank of America clearly communicates the CARD Act protections passed onto small business card holders through the Clarity Commitment, a one-page summary of updated account terms.