Checking accounts are the most important tool that families use to manage their money. More than 90 percent of Americans rely on these accounts to securely deposit and track their funds and pay their bills. Unfortunately, hidden fees and complicated terms make it difficult for consumers to choose the product that best meets their needs and avoid incurring unexpected fees.
The federal government’s Consumer Financial Protection Bureau (CFPB) has the authority to write new rules to make checking accounts safer. The bureau can require banks to provide terms, conditions and fees associated with checking accounts in a uniform, concise, easy-to-understand disclosure box, like a nutrition label for food. The CFPB also can rein in harmful overdraft practices by requiring that consumers have clear disclosure of their overdraft options, eliminating deceptive practices that increase fees, and requiring that overdraft fees be based on the cost to the bank of providing the service.
Ask the CFPB to make your checking account safer. –