Should Banks Be Forced to Come Clean on Fees?

Publication: Philadelphia Inquirer

Author: Jeff Gelles


11/03/2011 - Sen. Dick Durbin (D., Ill.), whose amendment limiting banks' cut on debit-card transactions triggered a plan by Bank of America to charge a $5 monthly fee for its debit cards and a huge consumer backlash, is trying to address the underlying problem: Most consumers have no idea how they pay their banks for service, which makes it difficult to comparison shop.

Today Durbin embraced a proposal made this summer by the Pew Health Group's Safe Checking Project: requiring banks to provide a simple, one-page disclosure - much like nutrition labels or the "Schumer Box" that identifies key credit-card terms - for key terms such as monthly fees, overdraft fees, and ATM fees on a standardized form (see a sample here) designed to make comparison shopping easier.

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Read the article Should Banks Be Forced to Come Clean on Fees? on the Philadelphia Inquirer Web site.

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