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Basic Banking Accounts

New York State law requires that all banks (including commercial banks, savings banks and credit unions) must offer consumers a low-fee bank account that meets specific basic criteria. Banks are permitted to impose certain conditions on opening and maintaining a basic banking account. No matter what name the bank gives to the type of account, anyone in New York State can have a basic banking account if the following conditions are met:

Requirements:

Restrictions:

Shop around for the basic low-cost checking account that is right for you since the services offered vary from bank to bank. Find out what the monthly maintenance fee is and how many transactions are allowed per month and compare them to your own monthly banking needs.

Pay careful attention to any monthly fees and/or per-transaction fees that the bank may charge if you go over your transaction limits.

Read and understand your agreement before you sign it. If you have any questions, sit down with someone at the banking institution and be sure that your questions answered to your satisfaction.

 

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