Report: Some Banks Fail to Disclose Hidden Fees
LANHAM, Md. (CBSDC) — A new report ranking banks on hidden fees is causing some customers to rethink their financial institution choices.
A man businessman in Arlington is using three separate accounts at three different banks.
The man, indentified only as Aaron, tells WNEW he is skilled at shopping around. On this day he’s making a deposit at the M&T Bank on Lee Highway and Glebe Road. He’s been a loyal customer at the branch for 10 years because he likes the customer service, the convenient location, and competitive rates on loans.
He was surprised to read the report, which ranks M&T Bank last for transparency on checking account fees.
WalletHub.com, which compiled the rankings, gave the bank a 16.7 percent out of a possible 100, chiefly for being the “only major bank that does not provide a schedule of fees to consumers anywhere on its website.”
His other banks scored better: SunTrust scored 86.7 percent and JP Morgan Chase 91.7 percent.
Phil Hosmer, a spokesman for M&T Bank, says the company is in the midst of changing its website.
“We have been in the process of a redesign and upgrade to our website in which we will be adding additional features and information, including details on fees,” Hosmer wrote in a statement to WNEW.
The average checking account has roughly 30 separate fees, many of which are not well-disclosed, according to the banking study. Some accounts have as many as 50 fees.