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- House task force to recommend National Guard on border, faster deportations
- Top federal judge uses pizza to explain complex Obamacare situation
- Obama, Biden overhaul job training programs
- Drought-plagued Californians turn to paint to keep lawns green
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- Turkish P.M. Erdogan won’t speak to Obama, but he’ll take calls from Biden
- Israel’s ambassador praises Obama, slams Human Rights Watch report
Durbin turns his ire to checking fees
Senator wants ‘more disclosure’ about costs for accounts
Question of the Day
But the fight over hidden fees isn’t over. Banks, instead, said they would turn their attention to checking accounts.
“Unfortunately, we have to look at all sources of revenue to recoup the fees,” Mr. Hunt said. “We’re trying to satisfy the customer and at the same time remain solvent. It’s a tricky situation.”
“The key is an informed consumer,” Mr. Reed said. “It’s really about giving the consumer the information that he or she needs to make thoughtful decisions.”
Susan Weinstock, director of the Pew Health Group’s Safe Checking in the Electronic Age Project, said their disclosure template would do just that.
“I think we can all agree that disclosures are critical for consumers to make informed decisions,” she said. “But the information needs to be presented in a format that is clear and understandable.”
“These documents are not user-friendly, with highly technical and dense texts,” she added. “Unfortunately, with the lengthy disclosures that go with these accounts, comparison shopping for the right one is next to impossible.”
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About the Author
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at firstname.lastname@example.org.
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