- Report
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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- Press Release
- Safe Checking in the Electronic Age
Eight of Top 12 U.S. Banks Adopt Pew’s Model Checking Account Disclosure Box
Branch Banking & Trust (BB&T), the ninth largest bank by deposit volume in the United States, voluntarily adopted The Pew Charitable Trusts’ disclosure summary for checking accounts today, bringing the total number of large banks that now use this easy tool to eight.
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- Media Coverage
- Safe Checking in the Electronic Age
The New York Times: Banks Lag on Consumer Friendly Checking Practices
Two of the country’s largest banks scored well on a ranking of the consumer-friendliness of their checking accounts, but no bank met all of the recommended criteria, a new analysis found. more
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June 1, 2013
Reuters: Regulatory Failure Du Jour, Overdraft Fee Edition
A study last year from the Pew Charitable Trusts found that “more than half of those hit with overdraft fees did not believe they had opted in to the policies”.
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- Media Coverage
- Safe Checking in the Electronic Age
Washington Post: Banks Improving on Fee Disclosure, But More Rules Needed, Pew Says
Banks are doing a better job of informing consumers about the costs associated with their checking accounts, but more regulation is needed to ensure that the terms are fair and transparent, according to a report issued by Pew Charitable Trusts on Thursday. more
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- Press Release
- Safe Checking in the Electronic Age
Pew Releases Ratings of Nation’s Top Banks on Key Consumer Protections
A study from The Pew Charitable Trusts is the first to rate the largest U.S. banks on their policies regarding checking account disclosure terms and fees, overdraft, and dispute resolution practices. Checks and Balances: Measuring Checking Accounts’ Safety and Transparency, underscores the continued gaps in banking procedures that put consumers at financial risk and expose them to high, unexpected costs for little benefit.
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