For Immediate Release - February 25, 2013

Office of Consumer Affairs and Division of Banks Participate in America Saves Week

Campaign Encourages Massachusetts Consumers to Save Money

BOSTON – The Office of Consumer Affairs and Business Regulation and the Division of Banks today announced their participation in the 2013 America Saves week campaign, which is occurring February 25 to March 2. The campaign provides an opportunity for financial institutions, non-profits and other organizations to encourage consumers to save money by helping them assess their own financial status and make positive changes to their financial behavior. So far, more than 775 participants across the nation have signed up for the campaign.

“At a time when financial confidence is more important than ever, America Saves week is a great opportunity for Massachusetts consumers to develop a savings strategy and work toward increased financial security,” said Barbara Anthony, Undersecretary of Consumer Affairs and Business Regulation, which oversees the Division of Banks. “We encourage consumers to check out all the resources available online and in their own banks. Make sure to keep these savings tips in mind not just this week but all year.”

The Undersecretary also reminded Massachusetts consumers that under the state’s “18-65” law , consumers who are 18 or younger or 65 and older can obtain a free checking and free savings account at Massachusetts state-chartered banks.

The Division of Banks has encouraged the financial community to help further this mission by informing consumers about saving programs within their institutions and providing them with helpful information about financial literacy. Additionally, the Division has encouraged community non-profit organizations to join the America Saves campaign by providing guidance on saving and budgeting alternatives to Massachusetts residents.

“America Saves week provides a valuable opportunity for consumers to assess their own saving status, set goals and make a plan for saving more of their money,” said Commissioner of Banks David Cotney.

Through the America Saves campaign, hundreds of thousands of people nationwide have made a personal commitment to save millions of dollars. Consumers have increased their savings for education, debt repayment, emergency funds, investment savings and homeownership in the process of shoring up their financial security.

The Division of Banks urges consumers, financial institutions and non-profit organizations to join in the America Saves week campaign. For more information about the campaign, visit the Division’s website at www.mass.gov/dob.

The Office of Consumer Affairs and Business Regulation is committed to protecting consumers through consumer advocacy and education, and also works to ensure that the businesses its agencies regulate treat all Massachusetts consumers fairly. Follow the Office at its blog, on Facebook and on Twitter @Mass_Consumer.

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