Basic Banking

(redirected from Lifeline Banking)

Basic Banking

Retail banking services offered for a low monthly fee for depositors. For example, basic banking services may include the ability to write a stated number of checks and visit a teller a given number of times. It usually also includes unlimited ATM visits. Basic banking originated in the 1980s with increased pressure to provide more affordable services.

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According to an article recently published by the Federal Reserve Bank of New York,(9) only seven states have enacted legislation creating lifeline banking accounts.

Saidenberg, "How Effective Is Lifeline Banking in Assisting the 'Unbanked'?

Bringing the unbanked onboard

Williams, author of the report asserts that "the case studies reveal that lifeline banking does more than reduce the number of unbanked consumers; it can also be financially sustainable for the bank.

Woodstock Institute Report Highlights Union Bank of California's Efforts to Reach the Underserved