Although basic checking is a key financial tool for most Americans, banks don’t do a good job of clearly explaining their fees and that confusion can result in hefty penalties, according to a study released Tuesday by the Pew Charitable Trusts.

The study of the 12 largest U.S. banks, which hold nearly half of all deposits nationwide, found account terms and fees at individual institutions can vary by state and disclosure statements can be dozens or even more than 100 pages long.

Six of those 12 banks – Chase, Bank of America, Wells Fargo, BB&T, PNC and Atlanta-based SunTrust – operate in Georgia and control more than half of the state’s deposits.

More than nine out of 10 checking accounts in Georgia have monthly fees, a rate slightly above the U.S. average.

Bank disclosure statements are too long and complicated, according to Pew, which has developed a three-page disclosure statement that some U.S. banks have agreed to use.

Pew found that the median average disclosure statement in Georgia is 61 pages, eight pages shorter than the national average.

Cora Hume, a Pew project manager, said the nonprofit, public policy organization takes no position on how banks make money.

“But we believe any fee a consumer pays without their knowledge is too high,” she said. Pew has recommended action regarding disclosure by the new Consumer Financial Protection Bureau or Congress.

Checking accounts at major banks are a little less costly on average in Georgia, at $10 per month compared to $12 nationwide.

But Georgians have a higher bar to clear to keep checking free. The average account requires a minimum balance of $5,000 in Georgia to avoid monthly fees vs. the U.S. average of $2,000.

The report, which analyzed account offerings from October 2011, supplies averages for the major banks in each state but cannot rank each state as not all institutions operate in the same regions.

The report does, however, show that fees can quickly escalate. According to the report the average account in Georgia could levy up to $210 per day in overdraft fees and potentially up to $1,083 in fees in a “worst-case scenario” over five days.

David Oliver, a spokesman for the Georgia Bankers Association, said banks provide clients with many ways to avoid fees, such as linking accounts. More than two-thirds of customers pay no fees or less than $3 per month, he said, citing an American Bankers Association report. The potential worst cases mentioned, he said, “are extremely rare and unusual.”