12/15/2011 - Chase has become the first big bank to voluntarily adopt a simplified, plain-language checking account disclosure, as proposed by an arm of the nonprofit group Pew Charitable Trusts.
Susan K. Weinstock, director of Pew’s Safe Checking in the Electronic Age project, which worked with Chase to create its new form, said Pew had developed its model form with an emphasis on clear terms and the most common fees. But in subsequent focus groups, she said, consumers indicated they wanted details about all fees, even if it meant a longer form. Chase’s form adheres to Pew’s goal of making the disclosure shorter and simpler, she said. “The point is to make it transparent,” she said.
Even at three pages, Chase’s form is a vast improvement over the typical checking account disclosure, which a Pew study found runs about 111 jargon-filled pages.
Read the full article, Chase Adopts Simplified Checking Disclosure, on the New York Times' Web site.