According to a new report by Pew Charitable Trusts, the median length of the list of disclosures that you will be presented when you open a new checking account is 69 pages.
Financial institutions do not summarize important policies and fee information in a uniform, concise, and easy-to-understand format that allows customers to compare account terms and conditions. The median length of bank checking account disclosure statements has decreased, but is still cumbersome at 69 pages. For credit unions, the median length is 31 pages. Although shorter, credit union disclosures often do not include information that would allow a customer to compare account fees, terms, and conditions.
On a related note, the Consumer Financial Protection Bureau (CFPB) will be making its complaint database public today. The Washington Post indicates the importance of this data:
Complaints are the primary way that most consumers interact with the new agency. The CFPB said it has received more than 45,000 in the year since the bureau was launched. How it handles those complaints — and how much it makes public — has been a source of tension between the agency and financial industry groups.