Durbin wants banks to spell out all fees
November 7, 2011 (CHICAGO) (WLS) -- Ill. Senator Dick Durbin wants banks and credit unions to go further in disclosing their so-called hidden banking fees.
The senator says consumers are at risk for more hidden fees after several large banks recently decided to cancel or roll back some debit card charges. He wants the state's financial institutions to voluntarily adopt simple disclosure forms that clearly spell out all their fees.
"Empowering consumers with good information about what they're being charged and giving them an option so they can go shopping for the right bank is the strength of our free market economy," he said.
The senator showed off a sample of the new disclosure form which would replace what he called complicated bank fee documents that average 111 pages in length.
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