Bank of America, TD Bank, Among Banks to Simplify Fee Schedules

Following a critical report on how they explain fees to customers, banks will make it easier for customers to understand what they're being charged.


In the wake of complaints about the fees they charge, and how those fees are explained to their customers, some of the country's largest banks have agreed to simplify their fee rules.

, which has been especially criticized by consumer groups for the way it treats its customers, and TD Bank are among several large banks and lending institutions that have agreed to issue short and easy-to-understand summaries of their checking account charges and other fees.

The move comes on the heels of a recent report by the Pew Research Center that said many banks checking account fees statements are overly long and laden with legal jargon that only a lawyer could likely understand, according to a report in the Boston Globe. 

Bank of America, one of the biggest banks in the country that offers checking accounts, had to back off a plan last year to apply a monthly debit card fee to its customers. BOA, which got a huge bailout payment from the federal government during the banking and mortgage crisis, also has come under fire from consumers and their interest groups for the way it has handled foreclosures against its customers.


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