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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- Interactive
- Safe Checking in the Electronic Age
Still Risky: Bank Fees and Disclosures in the States
Where consumers live has a significant impact on how easily they can access information on terms, conditions and fees, as well as how much they will pay to maintain an account, overdraft, or accrue other fees.
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- Media Coverage
- Safe Checking in the Electronic Age
New York Times: How Checking Account Fees and Terms Vary by State
No one likes to pay bank fees. And they are even more annoying when it is clear that the amount and variety of fees can vary depending not only on where you bank, but also on the state where you live. more
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October 9, 2012
Still Risky
Banks are continuing key banking practices that put consumers at financial risk and potentially expose them to high and unexpected costs for little benefit.
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- Interactive
- Safe Checking in the Electronic Age
Quiz: Find the Fee
Do you read your bank's disclosures when opening an account? Where can consumers find important provisions about checking accounts? Take this interactive quiz to learn the answers.
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- Media Coverage
- Safe Checking in the Electronic Age
Reuters: Wal-Mart, Amex Take on Banks With Low-priced Debit Card
Wal-Mart Stores Inc and American Express Co are teaming up to offer a prepaid debit card called Bluebird to target lower-income shoppers who may not have bank accounts. more
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- Media Coverage
- Safe Checking in the Electronic Age
More Evidence That We’re Getting Hammered With Bank Fees
It's hard to tell which is piling up faster — the fees bank customers have to pay these days or the research showing just how pervasive these fees are. more
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September 25, 2012
Policy Recommendations: Improving Checking Account Consumer Protections
Pew has developed four key recommendations that can inform the efforts of the Consumer Financial Protection Bureau to improve bank transparency and practices, allowing consumers to comparison shop for the product that best meets their needs.
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- Data Visualizations
- Safe Checking in the Electronic Age
Long on Words, Short on Protections
Pew’s research showed that the median length of bank disclosures for key checking account policies and fee information was 69 pages.
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- Media Coverage
- Safe Checking in the Electronic Age
Local Banks Charge Higher Checking Fees; Some Even Charge To Mail You a Statement
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. more
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- Media Coverage
- Safe Checking in the Electronic Age
Banks simplifying checking account disclosures
Bowing to pressure from consumers and Congress, major banks are simplifying the information they provide to customers about their most basic product — the checking account. Bank of America Corp. said Wednesday that it was adopting plain language disclosures that
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