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Study Finds Checking Account Disclosures Too Long And Unclear

Ken Tumin
Ken Tumin   |     |   5,706 posts since 2009

Here's one of the main findings in a study conducted by the Pew Health Group’s Safe Checking in the Electronic Age Project:

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 median length of checking account disclosures is 111 pages.

This Reuters article has a good overview of this study.