Banks are still not disclosing fees to customers, survey says

A recent survey by the U.S. Public Interest Group found that banks are still hiding fees from consumers. The survey found that fewer than half of bank branches failed fulfill their legal obligation to fully disclose bank fees to prospective customers. About a quarter of banks did not disclose any fees.

Surveyors visited 392 bank branches in 21 states to get information on fees and determine if banks were actually complying with requirements to disclose all account-related fees.

“Shopping for banks is harder when banks fail to obey the law and provide up front information about the fees they charge,” said Ed Mierzwinski, U.S. PIRG Consumer Program Director and author of the report. “We look forward to July 21, when the CFPB, the new consumer cop with only one job, protecting consumers, steps onto the financial beat and starts keeping the banks honest about their fees.”

As a consumer shopping around for the best banking deal, it is important to ask for all the terms and conditions before signing up for a checking account or other services. Ask for a fee schedule so you can fully evaluate the offer. If you aren’t happy with the fees and other terms, look for a different bank.

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