Checking Accounts Still Too Confusing and Expensive, Study Finds
Despite some recent improvements by the nation's largest banks, checking accounts are still too confusing for consumers and overdraft fees are too high, according to new findings by the Pew Charitable Trusts.
Disclosures for checking accounts are too long, some fees for overdraft protection have increased, and many consumers still are forced into binding arbitration to settle disputes with their bank, said the study released Friday by Pew's Safe Checking in the Electronic Age Project.
“Consumers are expected to wade through long, confusing documents and may be subject to steep, unexpected fees to access their own checking accounts, the cornerstone of household financial management,” said Susan Weinstock, the project's director. “Consumers must have understandable, transparent information that enables them to make educated choices when comparing one checking account’s costs and benefits to another.”
Read the full article at latimes.com.
- Safe Checking in the Electronic Age