ALBANY, N.Y. (AP) — U.S. Sen. Charles Schumer is calling for new regulations to require banks to clearly and briefly describe checking account fees now buried in applications that can be more than 100 pages long.
The New York Democrat says his bill will provide consumers with an easy way to understand the many fees for overdrafts and other actions that will force Americans to pay more than $38 billion in fees.
Schumer is seeking a similar box now required in credit card applications forced by his legislation in 1988.
The Pew Charitable Trust reported last week that many banks have checking fee disclosures that are twice as long as Shakespeare’s “Romeo and Juliet.”
The Pew trust says that makes it difficult for consumers to compare different banks’ accounts.
(Copyright 2011 by The Associated Press. All Rights Reserved.)