Pew's Safe Checking in the Electronic Age Project raises awareness, builds partnerships with industry, and advocates for policies that reduce risks and allow Americans to responsibly manage their checking accounts. It provides the public with information about policies that promote a competitive marketplace in the age of electronic banking and foster a level playing field among financial institutions.
Why Safe Checking Matters
Nine out of 10 Americans have a checking account, making it the most widely used financial services product in the United States. These accounts provide a secure way for consumers to collect earnings and make payments, and for many, they serve as the entry point to the financial mainstream.
How We Conduct Our Work
The initiative educates the public and policy makers by analyzing current overdraft and deposit practices and disclosure provisions, as well as uncovering the hidden costs associated with many checking accounts. The project supports solutions that require depository institutions to:
- provide customers information about checking account terms, conditions, and fees in a concise, easy-to-read, one-page format;
- provide accountholders with clear, comprehensive pricing information for all available overdraft options;
- make overdraft penalty fees reasonable and proportional to the bank’s costs in providing the overdraft loan; and
- post deposits and withdrawals in a fully disclosed, objective, and neutral manner that does not maximize overdraft fees.
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The LATEST from the Project
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December 3, 2012
Paying for the Holidays
As the holiday shopping season takes off, consumers are turning to a variety of financial management tools. View our slideshow and learn more about Pew’s research on hidden bank fees, the growing use of prepaid debit cards, and the actual duration of payday loans that are marketed as two-week products.
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- Infographic
- Safe Checking in the Electronic Age
Holiday Overdraft Fees Add Up
If you bought one of the following gifts, you could pay this much after an accidental overdraft.
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- Media Coverage
- Safe Checking in the Electronic Age
Bankrate.com: Beat the Bank in Mandatory Arbitration?
Just say "mandatory arbitration" a couple of times. It may make you feel a little drowsy. But if you ever find yourself in a dispute with your bank or other financial services provider, those two words could determine your chances of successfully resolving it. more
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- Media Coverage
- Safe Checking in the Electronic Age
New York Times: How Banks Limit Your Options in a Dispute
Ninety percent of Americans use checking accounts, but they are often unaware that agreements with their bank limit their legal options if there is a disagreement, a new report from an arm of the Pew Charitable Trusts finds. more
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November 27, 2012
Banking on Arbitration
The report, Banking on Arbitration: Big Banks, Consumers, and Checking Account Dispute Resolution, reviews the 100 largest financial institutions’ dispute resolution clauses as well as consumer attitudes about these practices.
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- Press Release
- Safe Checking in the Electronic Age
Pew Report: Most Banks Limit Consumer Options for Dispute Resolution in Checking Accounts
The Pew Safe Checking in the Electronic Age Project today released Banking on Arbitration: Big Banks, Consumers, and Checking Account Dispute Resolution, a report that examines the 100 largest financial institutions’ dispute resolution clauses as well as consumer attitudes about these procedures. more
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- Infographic
- Safe Checking in the Electronic Age
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- Interactive
- Safe Checking in the Electronic Age
Arbitration Bound
How does dispute resolution work, what is arbitration, and what are a consumer's options at every step along the way? Find out the with the Pew Safe Checking Project's interactive.
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- Media Coverage
- Safe Checking in the Electronic Age
Kiplinger: Prepaid Cards Flooding the Market
’Tis the season for whipping out the plastic. But which plastic? This holiday season, more consumers will be shopping—and perhaps bill paying, check cashing and visiting the ATM—with prepaid cards. Prepaids typically come with a Visa, MasterCard, American Express or
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- Media Coverage
- Safe Checking in the Electronic Age
CBS This Morning: Checking Rules Harm Consumers
A new study shows how your zip code can determine how much you pay in checking account fees. CBS News business and economics correspondent Rebecca Jarvis reports. more
