Policy Recommendations: Improving Checking Account Consumer Protections

Improving Checking Account Consumer Protections

QUICK SUMMARY

Each year, Americans pay millions of dollars in fees associated with their checking accounts. In fact, bank practices with regard to the ordering of transactions can serve to maximize overdraft fees. Pew has developed four key recommendations that can inform the efforts of the Consumer Financial Protection Bureau (CFPB) to improve bank transparency and practices, allowing consumers to comparison shop for the product that best meets their needs.

Inside the Fact Sheets

Most consumers are not aware of their options regarding overdraft, and bank disclosure documents are typically long and dense, making it difficult for customers to find important information about fees and other practices. These fact sheets outline key findings of previous Pew research and the recommendations arising from them. The fact sheets address the following four topics:

Background

In June 2012, the Pew Safe Checking in the Electronic Age Project released Still Risky: An Update on the Safety and Transparency of Checking Accounts. This report examined the terms and conditions of 274 distinct checking accounts offered online by the 12 largest banks and 12 largest credit unions in the United States as of October 2011. Pew released Overdraft America, a national survey of consumers who had overdrafted using their debit or ATM card in the past year, in April 2012. Findings from these two studies form the basis for the policy recommendations outlined in the fact sheets.

Spotlight on Mental Health

Composite image of modern city network communication concept

Learn the Basics of Broadband from Our Limited Series

Sign up for our four-week email course on Broadband Basics

Quick View

How does broadband internet reach our homes, phones, and tablets? What kind of infrastructure connects us all together? What are the major barriers to broadband access for American communities?

Pills illustration
Pills illustration

What Is Antibiotic Resistance—and How Can We Fight It?

Sign up for our four-week email series The Race Against Resistance.

Quick View

Antibiotic-resistant bacteria, also known as “superbugs,” are a major threat to modern medicine. But how does resistance work, and what can we do to slow the spread? Read personal stories, expert accounts, and more for the answers to those questions in our four-week email series: Slowing Superbugs.

Explore Pew’s new and improved
Fiscal 50 interactive

Your state's stats are more accessible than ever with our new and improved Fiscal 50 interactive:

  • Maps, trends, and customizable charts
  • 50-state rankings
  • Analysis of what it all means
  • Shareable graphics and downloadable data
  • Proven fiscal policy strategies

Explore

Welcome to the new Fiscal 50

Key changes include:

  • State pages that help you keep track of trends in your home state and provide national and regional context.
  • Interactive indicator pages with highly customizable and shareable data visualizations.
  • A Budget Threads feature that offers Pew’s read on the latest state fiscal news.

Learn more about the new and improved Fiscal 50.