Pew Report on Checking Accounts

The Pew Charitable Trusts has released the 2015 update to its report on checking accounts, “Checks and Balances.” This is a survey of disclosures from the 50 largest banks based on domestic deposit volume as tabulated in June 2014 by  the FDIC. The update focused on overdraft policies; its findings present a complex picture that consumer advocates should examine closely. Other interesting findings:

  1. Nine out of ten American households use a checking account
  2. Just three banks (Bank of America, Chase, and Wells Fargo) hold a third of all domestic deposits
  3. Sixty-four percent (64%) of the surveyed banks had a clause requiring mandatory arbitration and a class action waiver
This entry was posted in Uncategorized. Bookmark the permalink.