Disclosure would spell out checking account fees

Background

The call for an easy-to-read disclosure comes after a report last week that found checking account disclosures can be more than 100 pages long.

As part of its report, the Pew Charitable Trusts, a public policy research group, developed a model disclosure form that spells out information about fees and other account terms and conditions.

The model disclosure form lists the minimum deposit to open an account, the monthly fee and the requirements to have the monthly fee waived.

Other fees listed on the model: ATM fees, overdraft fees, returned check fees, stop payment fees, account closing fees and other service fees.

The disclosure form also includes a section explaining the bank's overdraft program and associated fees. Another section lists the bank's policy on how it processes transactions so that consumers can anticipate how to minimize overdrafts.

For example, consumers could potentially incur more overdraft violations if the bank's policy is to clear larger checks first.