Proposed: A One-Page Checking Disclosure Form

Publication: The New York Times Bucks Blog

Author: Ann Carrns

08/10/2011 - About three-fourths of Americans with checking accounts agreed that banks should be required to better disclose the terms of the accounts, including bounced check fees, a recent survey by an arm of the Pew Charitable Trusts found.

The Pew Health Group, Pew’s health and consumer product safety group, is proposing that banks adopt a simple, one-page disclosure form outlining what fees are associated with checking accounts and explaining various overdraft options. The form is similar to the so-called Schumer box used for credit card disclosures.

The survey follows earlier Pew research that found the median length of a checking account disclosure document is 111 pages.

Read the full blog post, Proposed: A One-Page Checking Disclosure Form, on The New York Times' Web site.

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