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Banks have been talking for years about using plain language in their disclosure notices, but only recently have they started to take action.
August 16 -
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.
August 29 -
Bank of America and Citigroup will be joining some of their largest competitors in offering customers simpler checking account disclosures, the banks confirmed Thursday.
July 5
Ally Bank in Midvale, Utah, plans to use simplified disclosure forms for all its banking products.
Ally has already adopted a
"We welcome the opportunity to make banking easier and more convenient for consumers by simplifying the fine print and being more transparent with them when it comes to account services, fees and policies for all their accounts," Diane Morais, Ally Bank deposits and line of business integration executive, said in the release.
Pew created the shortened disclosure form in 2012 to encourage greater transparency about checking account policies and fees. The median length of bank checking account disclosures was 69 pages in 2011, according to a Pew
A number of banks have since
Ally is a subsidiary of Ally Financial (ALLY).
