Sen. Richard Durbin (D-Ill.), longtime critic of banking fees and debit card interchange, has written a letter to praise an Illinois credit union for its check fee disclosures.
“I am heartened to see a financial institution from my home state lead the way in providing transparency for student checking accounts,” Durbin wrote in the Feb. 28 letter to Greg Anderson, chief operating officer at the 41,000-member, $264 million University of Illinois Credit Union.
“While access to transparent and honest information about checking fees is important for all consumers, it is particularly important when it comes to checking accounts marketed to college and university students, many of whom are opening their first account,” Durbin wrote.
Durbin noted that the CU is the first “small” credit union to adopt the checking fee approach advocated by the Pew Charitable Trusts. That approach uses a simple, easy-to-read form to notify consumers about fees on their checking accounts, the letter said.
“Your decision to adopt this disclosure form at your four local branches and on your website will benefit your student and community member customers, and it will help advance the cause of fee transparency to the benefit of consumers nationwide,” Durbin added.