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Bank Accounts

The ability of consumers to save and grow wealth depends highly on their access to affordable, responsible financial services. However, many products and services are predatory, hurting consumers and stripping equity from their homes. This section of the website has information and resources on a variety of areas related to consumer credit and access to banking services, as well as mortgage lending and foreclosures. It includes information on the work Empire Justice Center and other consumer advocates do to ensure that consumers have access to affordable, responsible consumer financial products

Savings and checking accounts can help consumers hold onto their money, while offering many conveniences.  When opening an account, consumers should shop around, asking about minimum balances, rates, fees and other terms,  to see which bank or credit union provides the best account for their needs.  Institutions may offer additional services on their accounts, such as overdraft protection, but these extras can carry hefty fees or costs.  You should know the terms of your account and be careful not to overdraw.  Moreover, a bank account may be restrained if a judgment creditor attempts to collect the debt.

This section of the website describes the work of Empire Justice Center and other consumer advocates on bank accounts, overdraft protection and restrained bank accounts and points consumers to resources for finding responsible, low-fee savings and checking accounts.

 


ARTICLES

Why Overdraft Fees Should Be Limited to a “Reasonable and Proportional” Standard
In April, NCLC released a white paper on overdraft fees, saying the fees should be "reasonable and proportional" to better protect consumers. Read More

When Nudges Fail: Slippery Defaults
This piece discusses policy defaults, like those on bank accounts that might automatically allow an account to be overdrawn at an ATM, and how they could be used to educate consumers. Read More

Higher fees on bank accounts are costing Americans up to $144/year
See this new report by California Reinvestment Coalition (one of our Paying More for the American Dream partners) about the high fees charged by banks on basic banking accounts. Read More


Bank Accounts: Articles


IN THE NEWS

Banks offer help to customers affected by Sandy
USA Today reports that banks do not want to lose good will in areas affected by Hurricane Sandy. Read More

Banks Quietly Ramping Up Costs to Consumers
Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees. Read More


Bank Accounts: In the News


POLICY ADVOCACY

Comments on the Dept. of Treasury’s Activities to Expand Access to Mainstream Financial Institutions
Treasury’s endeavors are critical in the current environment. The current economic crisis has strained the financial stability of many families and pushed them out of the middle class. Read More

Empire Justice Testimony on Banking Development Districts
Left to their own devices, banks favor expansion into areas that have a strong potential for the accumulation of large deposits, usually wealthy neighborhoods and commercial zones. Absent government direction and incentives, lower-income neighborhoods are Read More


Bank Accounts: Policy Advocacy



NEWSLETTERS

Legal Services Journal - Spring 2010 Issue
This issue of the Legal Services Journal contains articles on Consumer and Community Development, Immigration, Public Benefits and Disability Benefits. Read More

Disability Law News - July 2009 Issue
The Disability Law News is a quarterly newsletter published for DAP advocates. Featured in this issue is an article "Court of Appeals Issues New Decisions". Also in this issue you will find articles on Regulations, Court Decisions, Administrative Decisions, and the Bulletin Board along with other articles. Read More


Bank Accounts: Newsletters



RESOURCES

Shopping for a bank account
Savings and checking accounts offer many protections and conveniences. The terms and fees associated with these accounts may vary, depending on the bank or credit union. Before opening an account, consumers should shop around to see which institutions provide the best account for their needs. Institutions may offer additional services on their accounts, such as overdraft protection. Read More

Bank On: Research Your Community
Use this data tool to find out more about the unbanked and underbanked population in your community. Read More

Pew Charitable Trusts Safe Banking Opportunities Project
The Pew Safe Banking Opportunities Project, a two-year initiative, develops standards for safe, affordable, fair, and empowering bank accounts... Read More


Bank Accounts: Resources