The Nation : Bill on Banking Fees OKd

The House Banking Committee approved a “truth in savings” bill that is designed to require clearer, more uniform disclosure of banking fees. Under the measure, which now goes to the House floor, consumers would be given full disclosure of the effective periods, annual yields and terms and conditions of interest-bearing accounts in every advertisement, announcement or solicitation for them. The bill also requires each institution to maintain a written schedule of all fees, charges, terms and conditions that apply to each type of account, and for banks to pay the full interest on the balance in personal interest-bearing accounts that allow unlimited check writing.