Banking Choices for Seniors
18-65 Accounts for Seniors
The Massachusetts "18 – 65" law allows any person who is 65 years of age or older to have a savings account and a checking account at a Massachusetts state-chartered savings bank, co-operative bank or trust company without having to pay a service, maintenance or similar charge.
Key Protections components of "18-65 Law" (M.G.L. Chapter 167D, Section 5):
- No-Cost Accounts
State-chartered banks must provide one free checking (demand deposit) and one free savings account (passbook, statement, or NOW) for seniors 65+, with no minimum balance or monthly fees. - Free Checks
No charge for the initial order or reorders of basic checks. - Reduced Overdraft Fees
A maximum $5 fee for overdrafts or paid items despite insufficient funds.
Help for Seniors and Families to Combating Financial Exploitation and Abuse
Bank Training & Reporting:
Banks train employees to spot signs of financial abuse to engage families, Office of Aging and Independence, and law enforcement, where necessary. If needed, transactions may be delayed.
What Seniors & Families Can Do
- Open an 18-65 Account
Ask your state-chartered bank about these no-cost accounts. - Monitor Accounts
Regularly check statements for unauthorized transactions. - Protect Information
Guard PINs, passwords, and sensitive data. - Designate a Trusted Contact
Appoint a trusted person for financial communications.
Report Suspicion
Contact the MA Attorney General's office, 617-727-8400, or Executive Office of Aging and Independence (AGE), 800-2434636, if abuse is suspected.