Dear banks, make your disclosures more clear, Date says

Raj Date, the acting head of the Consumer Financial Protection Bureau (CFPB), weighed in on the BofA $5 debit card fee controversy for the first time yesterday, according to an LA Times blogpost. Though he did not directly mention Bank of America’s new $5 monthly debit-card fee, Date said that banks often are murky about how much they charge customers and suggested the agency might move to simplify checking account disclosures.

“Different banks charge different fees. Different fees are applied under different terms and conditions. Different banks give different names to the very same fee,” Date said. “Ideally, consumers would have a simple way to evaluate checking account costs.”

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