NJ bank fees often hidden in paperwork, report says
New Jersey’s bank customers face checking account fees that are often buried in long, complicated disclosure statements, a nonprofit research group said Tuesday.
“We believe that any fee a consumer pays without their knowledge is too high,” said Cora Hume, project manager at Pew Charitable Trusts.
In an update of its June report, “Still Risky: An Update on the Safety and Transparency of Checking Accounts,” Pew Charitable Trusts is pushing for banks to adopt simpler disclosure documents.
Several national banks with offices in New Jersey, including Bank of America, Capital One, Chase, Citibank, TD Bank and Wells Fargo, have already adopted Pew’s simplified disclosure document for checking accounts. (Willis, Asbury Park Press)