First Horizon, Sovereign Bank Introduce Simplified Fee Disclosures

August 2, 2013
American Banker  
credit card news

Sovereign Bank in Boston and the First Tennessee unit of Memphis-based First Horizon National have joined more than 20 rival institutions in making it easier for customers to understand the terms and fees on their checking accounts. Both banks were near the bottom of Pew Charitable Trusts' ratings last week of account disclosures; but both have now adopted Pew's model, plain-language disclosure practices. In addition to First Tennessee and Sovereign, Pew also singled out Cascade Community Federal Credit Union in Oregon for complying with its disclosure guidelines. Providence, R.I.-based RBS Citizens Financial Group, meanwhile, introduced simplified account disclosures that closely follow Pew's model.
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