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Durbin calls for clear fee disclosure forms

Dick DurbinU.S. Sen. Dick Durbin (D-Ill.) recommended on Tuesday that financial institutions should adopt a clear, simple account fee disclosure form that would be easier for consumers to understand.
 
Durbin made the suggestion at an Illini Union news conference in Urbana. He called on credit unions and banks, particularly those serving Illinois university and college students, to adopt a disclosure form that was suggested by the Pew Charitable Trust. The form details bank fees charged to holders of checking accounts, the News-Gazette reports.
 
"I think students have a right to know what they're being charged," Durbin said, according to the News-Gazette. "If a bank is going to enjoy a favored status in dealing with a university in terms of where it can place its branches and what the relationship might be with an ID card, for example, I think it's only fair that their relationship with students be transparent and competitive."
 
According to Durbin, Chase Bank and at least two credit unions have agreed to adopt the form voluntarily.
 
"If you look at this form, you don't have to have a degree from a business school at the University of Illinois to understand it," Dubin said, according to the News-Gazette. "It is very straightforward and direct, and it tells you how much you're going to be charged in terms of fees that you have to pay."
 
An officer with the University of Illinois Employees Credit Union said that his institution would adopt the form recommended by Pew.
 
"This is nice because it summarizes it into a single page the main things that someone faces with a checking account, the different fees and so on," Greg Anderson, the executive vice president of union, said, the News-Gazette reports. "Those fees have to exist to support the products and services. But you can compare with it at least."
 
Tom Hardy, a University of Illinois spokesman, said that university officials had contacted TCF Bank on Tuesday, asking that they follow the template for disclosing debit and checking account fees. Hardy said that the university has yet to receive a reply.

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