Bank Fees: Federal Banking Regulators Could Better Ensure That Consumers Have Required Disclosure Documents Prior to Opening Checking or Savings Accounts

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The report finds that many financial institutions aren’t complying with federal requirements that fees―including overdraft loan fees―be clearly disclosed prior to account opening or receipt of the service for which the fee is charged. GAO’s findings suggest that even informed and aggressive consumers are unable to obtain required disclosures upon request. When GAO investigators posing as consumers visited depository institutions to request checking and savings account fee information and account terms and conditions, financial institutions failed to provide a comprehensive list of fees 20 percent of the time and failed to disclose terms and conditions 33 percent of the time.

Published: March 3, 2008
Source: Government Accountability Office
Author: --

Categories: Overdraft Loans