Post Content

 

April is Financial Literacy Month and the Office of Consumer Affairs and Business Regulation is offering tips on how to establish and maintain healthy financial habits.

If you don’t have a bank or credit union account where you can cash or deposit checks, you should consider getting one. Using check cashers or payday lenders can be very costly: they often charge high fees for each transaction and have high interest rates. You could save hundreds of dollars each year by using an affordable bank or credit union instead.

Many state banks and credit unions in Massachusetts offer low cost checking accounts for residents.

  • Basic accounts can be opened with a starting amount of only $25 or less.
  • There is a maximum monthly charge of $3, capping off at $36 each year.
  • Basic accounts offer at least 15 free withdrawals per month, a $10 minimum balance, and 8 free checks per month.

What are the benefits of a Basic Banking Account?

  • Your deposits in FDIC or NCUA insured institutions are insured against institution failure.
  • You can establish a relationship with your bank which could help to increase your access to credit and other banking services at lower costs and interest rates.
  • You can have paychecks directly deposited into your account and transfer funds to pay bills online and through mobile banking.
  • You have better protections from theft and reduce your vulnerability to discriminatory or predatory lending.
  • A bank account allows a safe way to save for emergencies and larger expenses such as college tuition, a car, or a home.

For more information on the Basic Banking Program in Massachusetts, visit the Massachusetts Community & Banking Council’s website.  For a full listing of all Massachusetts state chartered financial institutions, visit the Division of Bank’s website.

If you have additional questions, contact the Office of Consumer Affairs by calling our Consumer Hotline at (617) 973-8787, or toll-free in MA at (888) 283-3757, Monday through Friday, from 9 am-4:30 pm. Follow the Office on Facebook and Twitter, @Mass_Consumer. The Baker-Polito Administration’s Office of Consumer Affairs and Business Regulation is committed to protecting consumers through consumer advocacy and education.

Written By:

Recent Posts

Great Outdoors Month 2022 posted on May 17

Great Outdoors Month 2022

As the weathers warms up and school vacation is fast approaching, new adventures are on the horizon for many looking to take advantage of the New England Summer. For the third consecutive year, June is nationally recognized as ‘Great Outdoors Month,’ a time to explore   …Continue Reading Great Outdoors Month 2022

International Records and Information Management Awareness Month posted on Apr 28

International Records and Information Management Awareness Month

There are many reasons to celebrate the month of April, including International Records and Information Management (RIM) Awareness Month.  This globally recognized time highlights the importance and necessity of establishing and implementing policies, systems, and procedures to capture, create, access, distribute, use, store, secure, and   …Continue Reading International Records and Information Management Awareness Month

Fair Housing Month: 2022 posted on Apr 20

Fair Housing Month: 2022

The month of April is dedicated to recognizing the Fair Housing Act of 1968. During this month, The Department of Housing and Urban Development along with other governmental entities and housing-focused groups hold events, panels, and seminars to help educate the public about fair housing,   …Continue Reading Fair Housing Month: 2022