Durbin Calls For Easy-To-Understand Bank Fees Disclosure
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(KMOX)-Saying that customers have a right to know what they’re being charged, Illinois Senator Dick Durbin is calling on banks to fully disclose their fees on their websites.
Durbin tells KMOX it would be similar to what we find when we buy groceries, “Flip over that can at the grocery store and on the back is a little box with information on it. It tells you about calories and sodium and carbohydrates and all the rest of those things. We need something similar when it comes to banks.
“What I’m pushing for is a standard that was adopted by the Pew Charitable Trust. It’s one page and it spells out the fees the bank charges.”
Durbin is calling on banks to voluntarily adopt the disclosure form and is urging the Consumer Financial Protection Bureau to make it mandatory. He says if those efforts fail, he’ll introduce legislation.
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