Bank of America (BAC) and Fifth Third (FITB) have joined a growing number of large banks that have simplified disclosure notices on retail checking accounts.
In announcing the moves Wednesday, the banks join such rivals JPMorgan Chase (JPM), Wells Fargo (WFC) and Capital One (COF) that have in recent months started offering easy-to-read descriptions of account rules and fees.
The move is an increasingly common one as banks seek to combat consumer frustration over checking account fees, and appease the Consumer Financial Protection Bureau, which has signaled an interest in making sure customers understand their accounts.
"We've seen a lot of positive momentum in the industry toward more transparency, and we are committed to listening to our customers and responding with better solutions like this to meet their needs," Steven Alonso, executive vice president and head of Fifth Third's Consumer Bank, said in a press release.
Many banks, including Bank of America and Fifth Third, have partnered with Pew Charitable Trusts, which published a model disclosure form last year. Others have used Pew's model disclosures as a starting point for designing new disclosures, bankers have said.
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