Save Money With Low-Cost Banking Options
Having a checking account does not need to be expensive, and a checking account can much less costly than using a check-cashing service. Many banks and credit unions across Massachusetts offer low-cost checking accounts that require only a small amount to open and you can maintain an account with little or no monthly fees.
Below are links to information that can help you learn more about "Bank On It!" and help you find the best checking account for you. Not only will a checking account save you money compared to the fees of other options, but it will help you create a solid foundation for future financial services like a car loan or a mortgage.
Why Bank On It? This brochure from the Office of Consumer Affairs and Business Regulation describes the many advantages of utilizing a checking account to manage your personal finances. It also includes information on Basic Banking Accounts, checking accounts offered by a number of banks and credit unions that offer a number of benefits for only $36 a year, and on 18-65 accounts, free checking accounts for Massachusetts residents aged 18 and under or 65 and older.
Brochure en Español file size 1MB
In September 2010 the Division of Banks published a report that detailed the fees associated with check-cashing services. The report found that annual check-casher fees can range from $139 to $1,424 per year.