For Immediate Release
Chicago, IL – September 4, 2012 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Bank of America Corporation (BAC - Analyst Report), J.P. Morgan Chase & Co. (JPM - Analyst Report), Citigroup, Inc. (C - Analyst Report), Capital One Financial Corp. (COF - Analyst Report) and Fifth Third Bancorp (FITB - Analyst Report).
Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513
Here are highlights from Friday’s Analyst Blog:
BofA Makes Fee Disclosure Simpler
Bank of America Corporation (BAC - Analyst Report) said that it will offer customers a new, easy-to-read two-page statement with complete information about fees, terms and primary features for checking accounts. This move follows similar steps taken by other major U.S. financial institutions.
Banking giants such as J.P. Morgan Chase & Co. (JPM - Analyst Report), Citigroup, Inc. (C - Analyst Report), Capital One Financial Corp. (COF - Analyst Report) and Fifth Third Bancorp (FITB - Analyst Report) have already decided to include easier disclosures. Constant pressures from Pew’s consumer banking policy wing and Democrats on Capitol Hill forced these banks to opt for such disclosures.
Non-profit organization Pew Charitable Trust’s consumer-banking policy arm was repeatedly asking the abovementioned financial organizations to permanently accept its single-page model disclosure form, which abbreviates the checking-account terms and costs. According to Pew, generally the disclosure forms of banks contain a number of pages on legal terms and provide inconspicuous details or conditions, making it difficult for costumers to look for primary checking-account guidelines.
In 2011, Pew’s Safe Checking in the Electronic Age Project surveyed and concluded that although 90% of the U.S. population has checking accounts, banks do not provide summarized information on terms and fees that can be easily identified by the consumers, to assess the costs of the services.
Further, the research found that the average bank disclosures for key checking accounts contained 111 pages, which was cumbersome for customers. Pew argued that checking-account policies should be patterned like credit cards disclosures, enabling the customers to understand it easily.
Pew has also been constantly advising the Consumer Financial Protection Bureau, which was created during the 2008 financial crisis, for monitoring financial products to make it mandatory for all financial organizations to use more rationalized disclosure forms, make the terms of overdraft fees easier to comprehend and to put a limit on the maximum overdraft penalty fees that can be charged by banks.
Pew believes that the measures taken by BofA will encourage other banks to follow the same, which in turn will be beneficial for the consumers.
Management at BofA believes that these measures will enable the consumers to effortlessly get information about their accounts.
Bank of America currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. Considering the fundamentals, we maintain our long-term Neutral recommendation on the stock.
Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter: http://at.zacks.com/?id=5515.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=5517
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5518.
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Follow us on Twitter: http://twitter.com/zacksresearch
Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
Zacks Investment Research
800-767-3771 ext. 9339