Oct 4 2012
We are always working hard to make banking easier for our customers. Recently, we reformatted our Consumer and Small Business Checking and Savings Policy Disclosures and Fee Guides. We are winning praise for adopting disclosure summary forms that make account terms and fees more transparent and easier for customers to understand.
Back in May, Webster unveiled a straightforward, easy-to-understand language and statement format. We expanded upon the “best practice” format from the Pew Safe Checking in the Electronic Age Project so that customers can compare all of our products side-by-side. We believe this convenient new format will help people make more informed choices and sound financial decisions.
We took the Pew model and went a step further by including small business accounts and savings accounts. We also expanded upon the best practice format and created an easy to read grid so that customers can compare ‘apples to apples’.
The new side-by-side comparison format makes it easier for customers to pick the account that fits their needs. Of course, if you have questions about the right fit, one of our Webster bankers is always ready to help answer your questions, in person, on the phone, and online.
The New Look
Our new format makes understanding fees and how to avoid them, easy to read across the various accounts. Here’s a snapshot of the new look:
Easily compare the minimum balance to open an account, the monthly service charge and ways to avoid the service charge amongst our different checking accounts.
Presenting overdraft services and item posting order in a clear and consistent way was a must.
To view the entire document, click here.
We hope you will like the straightforward and convenient format of our new four page disclosure summary. We believe that it provides the important information about how our products work so you can make informed financial decisions.
The full account disclosure still governs all accounts and contains helpful and important information. We always provide it at account opening and are happy to do so at any time. We’ve put a lot of our “Type W Personality” into our disclosure summary project and welcome your comments below.