Majority of Americans Want Better Checking Account Disclosures
Earlier this year, the Pew Charitable Trusts published the results of a study of the nation’s 10 largest banks and found that the median length of checking account disclosures is a whopping 111 pages.
At the time, the nonprofit issued some recommendations for simplifying and streamlining crucial disclosures. But now the results of a new survey show that a clear majority of Americans, across the political spectrum, agree that better disclosures are needed. So Pew is pushing the new Consumer Financial Protection Bureau to rein in the profusion of paperwork on the grounds that it confuses customers and makes it harder for them to get information about account requirements and fees.
Read the full article at moneyland.time.com.
- Safe Checking in the Electronic Age