August 29, 2012 / 11:26 PM / in 5 years

BofA launches new fee disclosure statements, joining other banks

(Reuters) - Bank of America Corp on Wednesday said it will provide customers with new, easy-to-read statements with information about fees for consumer and business checking accounts, following similar steps by other banks.

The two-page “checking clarity statements” will incorporate many of the recommendations made by The Pew Charitable Trusts as well as suggestions from customers, the bank said. The second-largest U.S. bank first introduced simplified fee statements in 2009.

Pew, a non-profit public policy organization, said five of the top 12 U.S. banks, including JPMorgan Chase & Co and Citigroup Inc, have voluntarily adopted its model for checking account summaries.

“Now, millions more Americans can obtain essential financial information in an easy-to-understand format,” Susan Weinstock, director of Pew’s Safe Checking in the Electronic Age Project, said in a statement. “We urge other financial institutions to follow suit.”

Bank of America has been under pressure to improve disclosures since last fall when the its proposed $5 monthly debit card fee drew the ire of customers and lawmakers. The bank later canceled plans for the charge.

The new statements are available at branches and online here

Reporting By Rick Rothacker in Charlotte, North Carolina; Editing by Steve Orlofsky

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