Pew's Call for Simple Bank Fee Disclosure Gains Traction with Financial Institutions
- December 15, 2011
- Safe Checking in the Electronic Age
Pew's research shows that the median length of bank disclosures for key checking account policies and fee information is 111 pages.
Based on this finding, Pew developed a disclosure form, similar to what is currently used in credit card offers. This model disclosure was designed to provide consumers with clear and concise information about the key fees, terms, and conditions of their checking account. Researchers tested the disclosure box with consumers who said the box would be a useful and valuable tool when opening an account. The short form also helps consumers understand banking fees and important policies when comparing bank checking accounts.
Pew commends the following financial institutions for voluntarily adopting our disclosure box.