By Tom Liddy
DNAinfo Reporter/Producer
MANHATTAN - Sen. Chuck Schumer called today for legislation that would require the disclosure of hidden fees for checking accounts.
According to a recent Pew report, half of the checking fee disclosure statements provided to new customers by the 10 biggest banks run more than 100 pages.
Americans are expected to dish out over $38 billion in overdraft fees this year.
The study also found that half of the banks have more than 49 fees that are tucked into disclosure statements.
"It's absurd to require banking customers to sift through a tomb of highly technical legalese to unmask dozens upon dozens of banking fees," the Senator said.
"If banks aren't willing to provide clear, easy-to-read, up front information on the fees that come along with the chekcing accounts they offer, then we will federally require they do so."
The legislation would call for disclosure similar to his "Schumer Box," a provision requiring that credit card applications highlight interest rates and fees.
