Thursday, August 30, 2012

Bank of America makes fee disclosures simpler

Bank of America has joined a growing number of its peers adopting a simpler checking account fee disclosure form advocated by the Pew Charitable Trusts.

The new two-page forms are a great deal less complex than the sprawling disclosure forms customers once needed to wade through.

The Consumer Financial Protection Bureau has considered making some forms mandatory. Some Senate Democrats have also pushed banks to adopt the forms.

JPMorgan Chase was the first big bank to sign on, in December. Citigroup, Capital One and Fifth Third have also started using the model, Pew said.