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.
• The consumer is required to close all other transaction accounts with our Bank or any other banking institution and will be given a period of 60 days (from the date the basic banking account is opened) to do so. If other transaction account/s is/are not closed within 60 days, the said basic checking account shall be closed by the Bank.
• Receive direct credit of a recurring payment such as Social Security, wages or pension payments.
• 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 in a statement cycle: 8 at no charge for Customers under 65 years of age and 12 at no charge for Customers who are 65 years of age or older. For every additional withdrawal or check beyond above-mentioned number 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.