A "fact checking" project is only useful if people believe that it is both unbiased and intelligent in its assessments.
Three major IGA limitations were identified: lack of experience with business, no market research, and no methods to check project status to make needed changes.
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Susan Weinstock, director of the Safe Checking project, said that problem could be remedied by adoption of uniform disclosures.
The Safe Checking project first analyzed bank disclosures in detail last year, and added credit unions to the report this year.
With the addition of Bank of America, five of the 12 largest banks have adopted the simplified format, Susan Weinstock, director of the checking project, said in a statement.
Susan Weinstock, director of Pew's safe checking project, said the confusion appears to stem from the way banks present overdraft options to customers.
For the report, "Banking on Arbitration," Pew's safe checking project examined checking account agreements at 92 of the country's largest banks and credit unions, as measured by deposits.
Pew's Safe Checking project supports the requirement of a standard checking disclosure, and it has designed a model form that has been adopted, at least in spirit, by several banks.
