Bank of American (BAC) and Citigroup (NYSE: C) will be joining some of their largest competitors in offering customers simpler checking account disclosures later this year, the banks said Thursday.
Several banks, including Wells Fargo (WFC), Regions (RF) and TD Bank (TD), have issued more straightforward disclosures in recent months. JPMorgan Chase led the charge late last year, as the first big bank to roll out simpler disclosures.
Pew Trusts has been promoting a model one-page disclosure form for banks, to help consumers compare fees across accounts and institutions and better understand their accounts.
"We support transparency of account information and plan on implementing a simplified disclosure based on the Pew model in the second half of this year," said B of A spokeswoman Betty Reiss.
A Citi spokeswoman confirmed that they will be adopting the Pew model within the next few weeks.
The Boston Globe first reported Thursday that B of A and Citi are adopting the simplified disclosures on Thursday.