Pew Charitable Trusts urges CFPB to publish checking disclosure rules

cfpbIn a Friday report on big banks’ checking account practices, Pew Charitable Trusts recently urged the CFPB to publish account disclosure rules for financial institutions.

The report recommended that the CFPB require financial institutions to provide plain-language information on checking account terms, conditions and fees, both online and in branches.

It also recommended that the CFPB require institutions to provide accountholders with easy-to-read terms and pricing for overdraft options when a customer is considering opting in to overdraft protection.

The Pew report follows up on two previous reports issued last year. It examined 36 of the largest 50 American banks, but 14 were excluded because they did not disclose key terms and fees online or by email.

Of the 36 banks reviewed, 97 percent achieved at least one “best practice,” but the report added that “even among the highest-performing banks, virtually none performed well in every studied category.”

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