Bank of America, Charlotte, N.C., has introduced a no-fee home equity line of credit on the West Coast that it says offers competitive rates and flexible payment terms.The product, Equity Maximizer, requires no application fees, no closing costs, no minimum draw, no prepayment or early-closure fees, no fixed-rate loan option conversion fees, and no annual maintenance fees, BoA said. "Many banks say they offer no-fee home equity lines, but they are only talking about the upfront fees consumers often pay to secure a home equity line of credit," said BoA home equity executive David Rupp. The new HELOC product is now available to homeowners in California, Oregon, Washington, and Idaho, but BoA said it plans to expand the offering nationwide this summer. BoA can be found online at http://www.bankofamerica.com.

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