One-Third of Customers Do Not Understand Their Bank’s Offerings


If you feel like your bank is speaking a different language, you are not alone.

According to a recent study conducted by Maritz Research, one-third of bank customers have difficulty understanding their banking institution’s offerings, even after speaking with a representative.

This is significant because banks are required by law to thoroughly explain their offerings or they risk being fined.

The study was conducted using so-called “mystery customers” who both phoned and visited six major banks.

The participants asked a fixed set of questions and recorded the answers. These answers were then judged based on the accuracy, clarity and completeness of the information provided.

This Bank Communications Compliance Study showed nearly 75 percent of customers were not told about things like late payment fees or minimum payments due.

“Seventy-five percent of customers weren’t

told about fees or minimum payments.”

The Maritz study was intended to show banks where they can make improvements to their processes in order to be in compliance with FDIC rules.

It also showed in-person visits to a bank were more likely to result in adequate compliance with consumer laws than phone conversations.

The banks now have an opportunity to fix their customer service interactions through training and process improvement.

If you feel like your bank has not given you all of the information you require in order to make good financial decisions, ask to speak with a customer service supervisor.

Remind them the law requires that they provide you with all of the information on things like overdraft fees, fines, hidden charges and penalties they assess. It is your right as a bank customer to be informed of these charges.

Source: Photo source:

Advertiser Disclosure is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free for users, we receive advertising compensation from the financial products listed on this page. Along with key review factors, this compensation may impact how and where products appear on the page (including, for example, the order in which they appear). does not include listings for all financial products.

Our Editorial Review Policy

Our site is committed to publishing independent, accurate content guided by strict editorial guidelines. Before articles and reviews are published on our site, they undergo a thorough review process performed by a team of independent editors and subject-matter experts to ensure the content’s accuracy, timeliness, and impartiality. Our editorial team is separate and independent of our site’s advertisers, and the opinions they express on our site are their own. To read more about our team members and their editorial backgrounds, please visit our site’s About page.