BofA Launches New Fee Disclosure Statements, Joining Other Banks
Bank of America Corp on Wednesday said it will provide customers with new, easy-to-read statements with information about fees for consumer and business checking accounts, following similar steps by other banks.
The two-page "checking clarity statements" will incorporate many of the recommendations made by The Pew Charitable Trusts as well as suggestions from customers, the bank said. The second-largest U.S. bank first introduced simplified fee statements in 2009.
Pew, a non-profit public policy organization, said five of the top 12 U.S. banks, including JPMorgan Chase & Co and Citigroup Inc, have voluntarily adopted its model for checking account summaries.
"Now, millions more Americans can obtain essential financial information in an easy-to-understand format," Susan Weinstock, director of Pew's Safe Checking in the Electronic Age Project, said in a statement. "We urge other financial institutions to follow suit."
Read the full article at reuters.com.