Tired of Confusing Hidden Fees? The Banks Hear You

August 11, 2013
Boston Globe  
overdraft news

More than 20 banks are embracing shorter, more concise, and easier to understand summaries of consumers' checking account fees in response to regulatory pressure. Hidden account fees have become especially galling to customers in recent years as banks squeezed by economic weakness, low interest rates, and contracting profit margins hiked old fees and added new ones to boost revenues. The Pew Charitable Trusts devised a consumer-friendly fee disclosure template structured in a table format, which categorizes charges by basic account use fees, charges for overdrafts, and an explanation of how the bank processes costs. Still, no bank has adopted all of Pew's recommended best practices for disclosure, overdraft, and complaint resolution, says Pew's Susan Weinstock.
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