May 22, 2012
In the Media
Letter Grades for Banks
By Jeff Sovern
International Herald Tribune | The Global Edition of The New York
Times
May 21, 2012
To the Editor:
Re “
How Much for That Coffee?” (editorial, May 9):
You suggest that financial institutions
be required to explain clearly and completely their overdraft
programs and pricing. No doubt that will help some consumers. But
many may ignore the disclosures.
How about using a grading system similar
to New York’s restaurant hygiene approach? Just as restaurants
cleaned up to earn “A” grades, banks would seek A’s. That will help
all consumers, including those who disregard disclosures.
JEFF SOVERN
Jamaica, Queens, May 9, 2012
The writer is a professor at St.
John’s University School of Law and a coordinator of the Consumer
Law and Policy Blog.