Ally Bank in Midvale, Utah, plans to use simplified disclosure forms for all its banking products.
Ally has already adopted a model disclosure format developed by Pew Charitable Trusts for its online checking, savings and money market accounts, according to a press release Monday. The $92 billion-asset bank plans to offer similar disclosures for its certificate of deposit and individual retirement account products by the first quarter.
"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 research project.
A number of banks have since opted to use Pews form as a model for their own checking account disclosures, including Bank of America (BAC), BB&T (BBT), Capital One (COF), JPMorgan Chase (JPM), Fifth Third (FITB) and Wells Fargo (WFC).
Ally is a subsidiary of Ally Financial (ALLY).