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TODAY Money: Many Checking Accounts Still Have Hidden Fees

You can’t comparison shop if you don’t know what you’re getting. And that’s what happens, in many cases, when people open a checking account, according to a study released Thursday from the Pew Charitable Trusts.

The report looked at the disclosure practices for basic checking at 36 of the nation’s largest banks.

“There’s room for improvement,” said Susan Weinstock, director of Pew’s Safe Checking in the Electronic Age Project.

While some banks do a good job in certain areas, Pew found that the industry doesn’t always make it easy for customers to know all the charges, fees and penalties – especially overdraft charges – associated with their checking accounts.

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Safe Checking in the Electronic Age
Checking & Banking

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