NY expanding access to low-cost bank accounts
ROCHESTER, N.Y. (WHEC) — New York is expanding access to low-cost bank accounts in recognition of National Financial Literacy Month.
State-regulated banks can now offer certified accounts called "Bank On", which eliminate overdraft account activation, closure, dormancy, inactivity, and low balance fees, to meet affordable banking requirements.
"Bank On" accounts are FDIC-insured, nationally recognized and widely available.
Now, New York banks can offer "Bank On" accounts as an alternative to existing New York Basic Banking accounts, which banks were already required to offer under state law.