Much like the fine print on any contract, it is important to read the “Important Disclosure Information” packet that any bank sends out. It’s the packet that usually is just tossed aside with an “I’ll get to it later” comment. A local bank sent out a brochure highlighting the changes that were happening with the system upgrade scheduled in the coming month. Tucked inside that was another envelope with the “Important Disclosure” documents.
Had I read just the brochure, and nothing inside the inner envelope, I would believe that the only changes going on were to their online banking system. I would know how to prepare for the five days the system would be down. What I wouldn’t know is that starting on May 28 important definitions, fees, and limitations on accounts were also happening.
That information was tucked away inside that little envelope; contained on not one but four other documents. Each had to be read to see the full scope of the changes. If I had just read the placard for “Fee Schedule” then I wouldn’t know anything about the “Important Account Information” which listed out the new transaction limitations and fees. If I had just read those two documents, I wouldn’t know the changes to the Account Agreement. And if I had just read those three I wouldn’t have a clue about the changes to the Electronic Funds Transfer Agreement and Disclosures.
So the next time one of those “Important Disclosure” documents shows up from the bank; take the time to read them.