Lifeline account

Lifeline Account

A checking account with no minimum balance and no monthly fees. A lifeline account may have certain limitations; for example one may only be able to write a certain number of checks each month. Lifeline accounts exist to ensure that even low income persons have access to banks. As such, some U.S. states require banks to offer them.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Lifeline account.

A lifeline account is a basic checking account with low or no minimum deposit and balance requirements and very low or no monthly fees.

Most lifeline accounts, however, limit the number of checks that you can write and may otherwise restrict the banking services you receive.

Currently, certain states require banks to offer lifeline accounts, to ensure that lower-income people have access to banking services. However, you can find no-frills checking accounts in other states as well.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
These rate adjustments will translate to a total monthly of P115.76 for lifeline accounts and P885.02 for users of about 30 cu.m.
Seven states regulate where the feds don't, mandating low-cost "lifeline accounts." These laws have had little effect.