First mover advantage is a good strategy –especially in a market where bad news seems to abound, like consumer retail checking account and debit card fees. Chase hits the market before the New Year, with a new, simplified checking account fee disclosure designed to pare down the unintelligible into the digestible and sending the not so subtle message that this bank has nothing to hide. First to market with Blueprint (consumer-defined repayment schedules) and now simplified disclosures, Chase enjoys being in front of the crowd.
Chase is posting its first table online on Thursday for its most-used “Total Checking” account. The bank plans to roll out similar presentations for other types of accounts in the new year, Ryan McInerney, chief executive of the company’s consumer bank, told Reuters.
Another large bank, some regional banks and other credit unions are working to bring out simplified tables of their own soon, Weinstock said. She is calling on the government’s new Consumer Financial Protection Bureau to require all banks to do the same.