WASHINGTON–Small differences in how information on rates and fees can have a big effect on consumer understanding of the pricing, according to new research that includes a three-question quiz to test your own perceptions.
The analysis and quiz were conducted by Pew Research Trusts.
“Suppose you want to open a checking account, and you’re looking to see which bank has the best deal. It should be simple—you’d just compare the terms and fees,” said Pew in releasing the new analysis.
“We’ve done research on this issue and found that people have less trouble making comparisons when account disclosures look the same,” said Pew. “That may sound pretty obvious, but our research shows that even minor differences in the presentation of terms and fees can affect how easily you find what you’re looking for.”
The quiz can be found here.