Banks were earlier known for their safety and hence were extensively relied on but now, the times have changed and they have got pretty risky. There are plenty of banks in America which give their clients runaround while disclosing the banking fees. Federal Reserve terms say that the banks have to maintain complete transparency for their bank fees but still the banks continue to treat their customers evasively if they request for the banking fees. This evasive bank treatment has previously been reported by non profit organization called US PIRG and it works for consumer welfare.
US PIRG conducted a survey involving 392 financial institutions which include the credit unions and banks. All the institutions are distributed in 21 states in the US and this survey also included one dozen online banks. Reports said that less than forty percent of surveyed banks do not comply with directives on Savings Act.Continue reading