New research finds that checking accounts from the nation’s 12 biggest banks and 12 largest credit unions are infuriating many consumers.
According to a new study from the Pew Safe Checking in the Electronic Age Project, many consumers are saddled with hidden fees and confusing documents that accompany most checking accounts, CNNMoney reports.
Here’s a brief look at a few noteworthy findings.
- Overdraft fees still cause problems for many consumers, even after tighter federal regulations.
- Many banks and credit unions are not clearly disclosing fees associated with overdraft protection programs.
- The average overdraft charge is $35 per overdraft incident from banks, and $25 per overdraft incident from credit unions.
- On average, bank customers are given a confusing and lengthy list of disclosures that range between 21 to 153 pages. The median length of disclosure documentation from the credit unions examined is 31 pages.
- It’s extremely difficult to file a lawsuit against a big bank regarding checking account problems — 66% of 237 big-bank checking accounts require customers to waive their right to bring their grievances to a jury.
You can learn about what else customers had to say about big banks and credit unions at Pewtrusts.org.