New York, Dec. 15, 2011 - Chase today unveiled a revised summary guide for Chase Total CheckingSM that makes its terms and conditions easier to understand for consumers. Chase collaborated with the Pew Health Group's Safe Checking in the Electronic Age Project to develop a simple disclosure form that uses everyday words in a consumer-friendly format. Click here to view Pew's press release.
Consumers can now more plainly see a description of fees and services, how to avoid certain fees, when deposits are available, and the order in which withdrawals and deposits are processed. Chase's new disclosure form can be found at www.Chase.com/ClearBanking.
"We set out to be as clear and concise as possible to make banking with us even better," said Ryan McInerney, CEO of Chase's Consumer Bank. "This is another important step we're taking to improve how we serve customers across Chase."
"Our research shows the median length of the checking account disclosures at the nation's ten largest banks is 111 pages. This volume of highly technical information makes it difficult for consumers to know how their checking account operates," said Susan Weinstock, director of Pew's Safe Checking in the Electronic Age Project. "We applaud Chase for being the first large bank to adopt our model disclosure box and are urging other financial institutions to do the same."
Chase will apply the same principles as it revises materials for its other checking accounts, including Student Checking, Premier Plus CheckingSM and Premier Platinum CheckingSM.
Chase also noted that it is eliminating several fees, including account closing fees, to simplify and enhance the customer experience.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. Chase serves consumers and small businesses through 5,400 bank branches, 16,700 ATMs, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships and schools and universities. Chase also has issued more than 90 million credit cards. More information about Chase is available at www.chase.com.