Bank of America and Fifth Third have both communicated comprehensive CARD Act changes to existing customers within the past few weeks. With less than two months to go until the next phase of reform comes into effect, the industry is taking the necessary steps towards compliance.

Earlier this month, Bank of America announced it would be sending personalized copies of its Clarity Commitment to approximately 40 million customers. The easy-to-read, one-page summary (a template is provided on the Bank of America website) includes information on payments, interest rates and fees and follows a similar communication to mortgage customers earlier this year. At the same time the bank announced that it would explain how the CARD Act legislation may impact Bank of America cardholders.

Fifth Third began a CARD Act campaign in November, according to Mintel Comperemedia’s direct marketing database. The campaign states ways in which customer accounts are changing for the better, including the elimination of overlimit fees, a consistent payment due date, payment allocation to highest APR balances first and an extended grace period for customers.

We have already seen CARD Act communications from Discover and American Express. Now Bank of America, Fifth Third and possibly others have begun to roll-out their communication plans. As February 22nd gets closer, more cardholders will be notified of changes to their existing agreements. Have you seen (or sent) any similar communications so far? I’m curious to see how other issuers are speaking to their customers about CARD Act changes.

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