CALPIRG survey tests banks with secret shoppers

April 12, 2011 5:48:20 PM PDT
A new survey of more than 500 bank branches shows that many aren't fully disclosing the fees being charged to their customers.

The California Public Interest Research Group, along with other PIRG groups around the nation, sent secret shoppers out to some 524 bank branches in 20 states. They found that 62 percent failed to give consumers their fee schedules on the first request and 24 percent never complied despite repeated requests.

"It's something that should be easy for banks to do to give consumers the information they need so they can make the best decision and find what works best for them and avoid unfair bank fees," said Austin Price from CALPIRG.

On Tuesday, CALPIRG called on the new Consumer Financial Protection Bureau to enforce a law requiring disclosure.

The American Bankers Association questioned the survey's methodology while the California Bankers Association said the survey takers went out and got the result they wanted.

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