Basic Banking for Massachusetts was launched in 1994 as a product of our Banking Services Committee to expand access to bank products and services and to especially encourage those households with low- to moderate-income to establish banking relationships. Banks participating in Basic Banking for Massachusetts voluntarily provide low-cost checking and savings accounts that meet the guidelines below.
In 2025, PFE launched a new Bank On Massachusetts coalition, joining a national movement that features 98 local initiatives organized by the Cities for Financial Empowerment Fund. The CFE Fund has worked closely with the Bank On National Advisory Board and other key stakeholders to develop the Bank On National Account Standards. To learn more, contact Jason Andrade, Director of Research and Membership Engagement at 857-309-3096 or jandrade@financialequity.net.
Banking Services Committee Chair
Lena Buteau, Vice President, Retail Administration Officer, Monson Savings Bank
2026 Banking Services Committee Meeting Dates (Virtual)
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Thursday, March 12 from 9-10am
- Thursday, June 11 from 9-10am
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Thursday, September 10 from 9-10am
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Thursday, December 10 from 9-10am
Click here to be included on the e-mail distribution list for our Banking Services Committee
2025 Basic Checking Account Guidelines
- Requires no more than $25.00 to open the account
- Charges no monthly fee
- Provides unlimited free withdrawals
2025 Basic Savings Account Guidelines
- Requires no more than $10.00 to open the account
- Charges no monthly fee on account balances of $10.00 or more
- Charges a monthly fee of no more than $1.00
- Pays interest on all account balances of $10.00 or more
Basic Banking accounts cannot be conditional, e.g. limited to those who open both a checking and savings account or to those with Direct Deposit.
To help meet the goals of Basic Banking for Massachusetts, Partnership for Financial Equity also recommends that participating banks adopt the following procedures:
- Under Basic Banking for Massachusetts, it is expected that participating banks will use their customary account opening guidelines. However, banks are strongly encouraged to exercise flexibility by accepting alternative forms of identification.
- Banks should fully disclose all services counted as a checking account withdrawal, including in-network and out-of-network transactions.
- No overdraft or non-sufficient funds fee
- It is expected that participating banks will use controls to assure that an applicant has not had prior difficulties with deposit account(s).
- Both the basic checking and savings accounts should only be closed for the same reasons that other accounts are closed.
Persons with a basic checking or savings account should not be limited exclusively to ATMs or any form of non-teller related services.
To view a list of current Participating Financial Institutions, click here.