Given that the median length of checking account disclosures is 111 pages, I am writing to ask you to require banks to disclose the terms, conditions and fees associated with their checking accounts in a simple and easy-to-understand format. Since the Consumer Financial Protection Bureau is mandated to make consumer financial products safe, I implore you to write new rules immediately ensuring that banks provide information about their checking accounts in clear and concise terms.
Checking accounts are an essential part of financial well being, and are a cornerstone in which to build security for one's self and family. Unfortunately, banks do not provide important policies and fee information in a concise and easy-to-understand format that allows customers to compare account terms and conditions among banks.
The CFPB needs to require banks to include all terms, conditions and fees on one-page, in a simple, easy-to-understand "Consumer Choice Box" that would be available on bank websites and in branches.
Additionally, Americans are estimated to spend $38 billion on overdraft fees in 2011 according to Moebs Services. The CFPB should require banks to provide their customers with all available overdraft options and respective costs associated in a clear and concise manner.
[Your comments]
We urge the CFPB to act to protect consumers by requiring banks to provide checking account information in a concise, easy-to-read format immediately.
