111 Pages of Disclosures for the Typical Checking Account?!?

Publication: Time.com

Author: Brad Tuttle


04/28/2011 - According to a new study, checking accounts at the nation's ten largest banks come with a median length of 111 pages of disclosure documents. Getting to the bottom of all of your account's requirements, fee schedules, addendums, and other terms and conditions is like reading a short novel—a horrendously boring, annoyingly legalistic, and purposely confusing novel.

Or, in terms of length if not quality of storytelling, a checking account's disclosures are more than double William Shakespeare's "Romeo and Juliet," according to The Pew Charitable Trusts, which conducted the study. The play and the confounding, absurdly long disclosures accompanying checking accounts have something else in common: They're both unfortunate tragedies that could have been avoided.

While it's too late for the star-crossed lovers, checking accounts don't have to be doomed to a fate in which customers are confused and can't find key terms and conditions while sifting through more than 100 pages of tiny type on brochures and websites.

Read the full article 111 Pages of Disclosures for the Typical Checking Account?!? on the Time.com Web site.

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