Checking Account Disclosure Documents

111 THE MEDIAN THE NUMBER NUMBER OF PAGES OF PAGES OF DISCLOSURE FOR A CHECKING ACCOUNT IN PEW'S MODEL DISCLOSURE BOX ...... CHECKING ACCOUNT DISCLOSURES 2x ARE GENERALLY TWICE AS LONG AS ROMEO AND JULIET THE NUMBER OF $36 DIFFERENT NAMES USED BY THE TEN LARGEST BANKS TO DESCRIBE THEIR 7. THE MEDIAN OVERDRAFT PENALTY FEE- TRANSACTION AMOUNT "OVERDRAFT ITEM FEE," "INSUFFICIENT FUNDS FEE," "OVERDRAFT FEE," "OVERDRAFT ITEM PAID FEE," "RETURNED/ PAID ITEM FEE," "UNAVAILABLE FUNDS PENALTY," "UNAVAILABLE FUNDS FEE" THAT CAUSES A CONSUMER TO OVERDRAFT, ACCORDING TO THE FDIC -WHICH MAKES IT DIFFICULT FOR $10 THE MEDIAN OVERDRAFT TRANSFER CONSUMERS TO MAKE COMPARISONS. ....... 5,00 CHARGE $35 THE MEDIAN OVERDRAFT PENALTY FEE •.......... IF AN OVERDRAFT WAS TREATED LIKE A SHORT-TERM LOAN WITH A REPAYMENT PERIOD OF SEVEN DAYS, THEN THE ANNUAL PERCENTAGE RATE FOR A TYPICAL INCIDENCE WOULD BE OVER 5,000 PERCENT 49 $$$$$$$$ $$$$$$$$ $$$$$$$ $$$$$$ $$$$ Per Day $140 THE MEDIAN NUMBER OF DIFFERENT FEES THAT A CUSTOMER COULD BE CHARGED WHILE USING HIS OR HER CHECKING THE MEDIAN AMOUNT A CUSTOMER CAN BE CHARGED PER DAY IN OVERDRAFT FEES ACCOUNT $38 THE AMOUNT AMERICANS ARE ESTIMATED TO SPEND ON OVERDRAFT FEES IN 2011, BILLION WHICH WOULD BE AN ALL TIME HIGH, ACCORDING TO MOEBS SERVICES BUT BANKS WITHDRAW FUNDS SEVEN DAYS BANKS ONLY DEPOSIT FUNDS FIVE DAYS A WEEK A WEEK