Clearer Bank Account Terms
Consumer advocates are rightly pressuring the Consumer Financial Protection Bureau to require banks to disclose important terms on checking accounts like the monthly fee in easy-to-understand forms. JPMorgan Chase has voluntarily adopted a new, straightforward disclosure policy. Other banks that have been resisting this policy should follow Chase’s lead.
The Pew Charitable Trust recently found that banks had a staggering array of fees—as many as 54—for such things as asking for customer assistance, online transfers or depositing large amounts in coins. Even careful consumers would have trouble finding fee information in disclosure documents that can run more than 100 pages long.
Read the full article at nytimes.com.
- Safe Checking in the Electronic Age