Wells Rolls Out Simplified Checking Account Disclosures

American Banker
July 2, 2012
Finkle, Victoria

Wells Fargo is the latest of the big banks to adopt simpler checking account disclosures for customers, following rollouts by JPMorgan Chase, Regions, and TD Bank that began late last year. The lender posted the simplified disclosures online for its California customers in March, expanded the disclosures for all its accounts nationwide in May, and will introduce Spanish-language disclosures this month, according to Erin Constantine, a senior vice president at Wells. "We thought that a simplified form that would highlight some of the most important parts of their checking account and some of the fees they may run across in a concise and easy to understand format would be a great step," she said. Partially based on a template disclosure box from Pew Trusts, the new disclosures will alert consumers to monthly service, ATM, overdraft, and other fees in concise and clear language. Susan Weinstock from Pew Trusts' Safe Checking in the Electronic Age Project says more banks likely will mimic the moves by Wells, JPMorgan, and others. "They know this is helpful to customers to allow them to understand their accounts," she notes.
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