Bank products have fine print?
July 18, 2008 | alternatives, personal finance | Comments (0)Who’d a thunk it? MSNBC’s “SmartMoney” reveals banks’ secrets. The Payday Pundit’s favorite:
“For all the fine print, we {banks} don’t disclose very much.”
Bank documents come loaded with small type, detailing terms and conditions. But good luck finding out exactly what you’re signing up for when you open an account. Last year the Government Accountability Office sent investigators to see how well banks explained their fees and other conditions to potential customers. Though banks are required by law to make this information available, the GAO found that one-third of the branches it surveyed didn’t provide the required information. Worse, more than half didn’t have any fee info on their Web sites.
We may have mentioned this before; payday loans are the must transparent financial service there is. Period.
Comments»
No comments yet.