Durbin applauds banks for checking account disclosure forms

“It’s time for banks and credit unions across the country to join the growing number of financial institutions who’ve decided to put their customers first.”

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In his letter to Citi — one of the largest banks in the United States — Durbin said he was glad they decided to be “upfront and honest” with costumers.

“I believe your customers will value your demonstrated commitment to transparency,” Durbin wrote.

The new forms will outline all the basic checking account terms and conditions — including ATM fees, interest rates, overdraft penalties and account closing fees — in a concise, easy-to-read, one-page format.

Last year, Chase, the nation’s largest bank, announced it too would adopt a similar form.

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