Basic Checking Account content
Basic Checking Account
In order to provide low cost banking services, we offer "basic banking" checking accounts to all consumers who fulfill the following requirements:
- Residents of New York State who do not maintain any transaction account with the Bank.
- Receive direct credit of a recurring payment such as Social Security, wages or pension payments.
- Online Banking, giving access to your Checking Account on a 24/7 basis.
- Have limited monthly transactions.
- Desire basic checking services.
Salient Features of Basic Checking Accounts
- Minimum deposit to open the account: $25.
- Minimum monthly balance required to be maintained: No minimum balance.
- Monthly maintenance fee:
- Nil, if the daily balance is $500 or more.
- Otherwise $3 per month.
- Number of withdrawals or checks cashed: 8 at no charge. For every additional withdrawal or check beyond 8 in a statement cycle, $5 will be recovered.
- Restriction on the number of credits/deposits: No restriction.
- Availability of account statement and frequency of monthly statement: Account statements at monthly intervals will be provided.