Bank Fees Prompt Call for More Disclosure on Checking Accounts
Los Angeles Times
October 6, 2011
As the backlash continues over Bank of America's new debit card fee, Raj Date,
the acting head of the Consumer Financial Protection Bureau, is calling for more
disclosure about what customers pay for checking accounts. Date says banks often
are unclear about how much they charge customers for various services, and he
suggests the agency might move to simplify checking account disclosures. "This
isn't about any one fee from any one bank," he says. "The problem is that
checking accounts often come with a wide variety of unexpected costs that can
quickly add up for consumers." Date cites a July poll commissioned by the Pew
Charitable Trusts that found that nearly three out of four Americans with
checking accounts supported regulations requiring banks to provide better
disclosure of fees, terms, and conditions. "Different banks charge different
fees. Different fees are applied under different terms and conditions. Different
banks give different names to the very same fee," says Date. "Ideally, consumers
would have a simple way to evaluate checking account costs."
External web links may expire.
Return to Headlines
Abstract News © Copyright 2008-2013 INFORMATION, INC.