Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the state PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees. Over the last six months, state PIRG staff conducted inquiries at 250 bank and 116 credit union branches in 17 states and the District of Columbia and reviewed bank fees online in these and 7 other states. This report, “Big Banks, Bigger Fees: A National Survey of Fees and Disclosure Compliance,” examines the following questions: How easy is it for consumers to shop around? Are banks complying with the Truth In Savings Act, which requires disclosure of a schedule of account fees to prospective customers?, Can consumers still find free or low-cost checking accounts or has free checking ended?, What can the Consumer Financial Protection Bureau (CFPB) and other regulators do to help improve transparency in the financial marketplace?
