Banking Fees: On the rise and undisclosed
According to a government report, banks are not providing consumers with information about account fees even though required by federal law. The report says that fees have been on the rise in recent years. The Government Accountability Office (GAO) made undercover visits to 185 bank branches and could not get a comprehensive list of account fees at more than one-fifth of the branches. At one-third of the branches, the GAO employees could not get account terms, like how overdrafts are handled. Federal law requires disclosure of fees and interest rates. The GAO report recommends that the five federal banking regulators incorporate ways to ensure that account fees and other information are available to consumers before opening an account.
Filed under: Banking