Media Coverage

Local Banks Charge Higher Checking Fees; Some Even Charge To Mail You a Statement

Some bank customers are getting used to paying monthly fees for their checking accounts. But what about a fee for getting your account statement mailed to you?

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Bank fees are becoming a heightened issue because of campaigns like the one by the nonprofit Pew Charitable Trusts, which has been pushing banks and credit unions to make it easier for consumers to know in advance how much it will cost them to do business with a particular bank.

Pew has found that, among the 12 largest retail banks nationwide, the disclosures about checking fees typically span 69 pages. "Nobody is going to wade through that," said Susan Weinstock, a project director with Pew.

Pew is pressuring banks to disclose fees on a one- or two-page sheet. So far, five of the 12 largest (including Chase, Citi, Bank of America, Capital One and TD) have complied. Of the remaining seven that have not, only PNC and U.S. Bank operate locally. Fifth Third has also adopted the simplified disclosure.

Read the full article at http://www.cleveland.com

Projects:
Safe Checking in the Electronic Age
 
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