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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

Banking on Opportunity: A Scan of the Evolving Field of Bank On Initiatives
This report provides background on the "Bank On" model, which expands access to safe, affordable financial services and related financial education for unbanked households, as well as summary information about program structures, partnerships, funding, successes and challenges, special considerations and gaps in the field. Read More

Hidden Risks: The Case for Safe and Transparent Checking Accounts
This new report by the Pew Health Group's Safe Checking in the Electronic Age Project analyzes the policies of the nation’s 10 largest banks. Read More

Financial Protections Consumers Need Now
The March 2011 issue of Consumer Reports magazine describes some of what the Consumer Financial Protection Bureau can do for you. Read More


Bank Accounts: Articles


IN THE NEWS

Room for Debate: Are Banks Making Too Much Money From Fees?
Since the collapse of the housing bubble, and the recession, banks have been making more money from consumer fees. Do these charges need to be more closely regulated or limited, or are they necessary for the health of the banks, and the economy. Read More

Nine U.S. Banks Said to be Examined on Overdraft Fees
Two years after regulators gave Americans more power to manage overdrafts of their checking accounts, the Consumer Financial Protection Bureau is reviewing bank practices to determine if the crackdown went far enough. 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