Chase adopts simple disclosure form and makes checking accounts easy to comprehend

Chase has decided to collaborate with Pew Health Group’s Safe Checking in the Electronic Age Project in order to create a simple disclosure form, which is user-friendly and easy to comprehend. Chase has also come out with a revised summary guide and unveiled the Chase Total Checking and the terms & conditions are clear and easy to understand. Now, consumers can see the description of the fees charged for the services that are offered. Since the language is simple and everyday words are used, consumers can understand the information in a better fashion. Consumers can now learn ways in which they can avoid some of the fees, details regarding availability of deposits, as well as the order in which deposits and withdrawals are processed etc. The rest of the information can be found on their website and you could also view the press release as well.

Ryan McInerney, CEO of Chase Consumer Bank has stated that they have made everything absolutely clear and simplified the entire banking process as well. They hope to serve their customers in a better manner by improvising on the services they render. Research has shown that the average length of the disclosures on checking accounts in some of the major banks run into 111 pages and consumers find it difficult to comprehend such technical information. Hence, they are always making a series of mistakes as they are unaware of the manner in which the checking accounts operate, states Susan Weinstock, who is the director of the ‘Pew Safe Checking in the Electronic Age Project.’ Chase is the first major bank to have adopted the measures suggested by Pew and other major banks and financial institutions are now being urged to do the same thing, she added. The same principles would be applied by Chase and revisions will be made on the other checking accounts as well. This includes Premier Plus Checkinga”, Student Checking, and the Premier Platinum Checkinga”.

Weinstock also stated that they appreciated the fact that Chase had decided to adopt their model disclosure box and hopes the others will follow too. Chase has also decided to do away with some of the fees such as account closing fees etc. This is being done to simplify the banking process for customers and to enhance their banking experience as well. Chase has its operations in over 60 countries and is one of the leading financial services firm.