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BRIEFLY

Consumer groups criticized banks on hidden fees.

June 04, 1986

Alan Fox, legislative director of the Consumer Federation of America, said full disclosure of all account fees and conditions is vital to consumers' ability to shop for bank accounts, but that banks do not make such information readily available. The group said a nationwide survey showed that the annual cost of interest-bearing checking, or NOW, accounts climbed 12.3% to $83 in the year ended in April. Non-interest checking account fees increased 3.3%. The consumer coalition wants new laws forcing banks to fully disclose terms and fees of all accounts.

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