Banks Improving on Fee Disclosure, But More Rules Needed, Pew Says

May 31, 2013
Washington Post 
overdraft news

Banks are doing a better job of informing customers about the costs associated with checking accounts, but additional rules are needed to ensure that terms are clear and fair, concludes a new report from the Pew Charitable Trusts. Researchers looked at checking accounts offered by 36 of the largest U.S. banks, including how effective they were in clearly stating costs and in reducing incidents of overdrafts. Ninety-seven percent of banks earned high marks in at least one category, but none received high marks across the board. Pew is calling on the Consumer Financial Protection Bureau to restrict banks' ability to maximize overdraft fees -- perhaps by forbidding transaction reordering and/or making overdraft penalties proportionate to what it costs a bank to provide the service.
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