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Pew – An Update on the Safety and Transparency of Checking Accounts

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Still Risky: An Update on the Safety and Transparency of Checking Accounts, June 2012. See also accompanying overdraft penalty fee infographic

  • “As 9 out of 10 American adults have checking accounts, which serve as the cornerstone of household financial management, it is imperative that consumers be aware of what these accounts entail. They allow for the deposit of earnings, the ability to pay bills by check and online, and an opportunity to build a relationship with a financial institution that will open the door to more sophisticated financial products and services. Checking accounts provide a safe location for depositing money and let account holders make financial decisions free from worries about monetary theft or loss. Research shows that those who have a bank account can better weather economic
    storms and save more money than those who do not. However, there are still risks to the consumer. Indeed, it is estimated that overdraft fees cost Americans $29.5 billion in 2011.”
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