Durbin presses banks to better disclose checking account fees

A top Senate Democrat is calling on banks in his home state to simplify checking account fee disclosures.

Senate Majority Whip Dick Durbin is asking financial institutions in Illinois to voluntarily adopt a one-page disclosure form of terms and fees for their checking accounts.

He sent letters on Monday to the Illinois Bankers Association, the Illinois Credit Union League and the Community Bankers Association of Illinois encouraging them to “provide their customers with a standardized, concise and consumer-friendly disclosure form listing the fees and key terms associated with checking accounts.”

{mosads}“Not only is being honest with customers about fees the right thing to do, it is also the smart thing to do in the current business environment,” he said. 

“Consumers have demonstrated that they will no longer stay with banks and credit unions that disrespect them by failing to charge fees in an upfront and fair manner,” he wrote. “Your member institutions can prove their value to current customers and win new business by satisfying this consumer demand for fair and honest treatment.”