18-65 bank accounts: No fee banking program

(Fox 25/MyFoxBoston.com) - There is a great state-mandated program at all local banks for consumers 18 and younger and 65 and older.

"18-65" bank accounts suspend fees for bankers who meet the requirements. But the problem is that many people don't even know it exists.

The Office of Consumer Affairs and Business Regulation recently did a survey of state-chartered banks and found while almost all of them followed state laws regarding disclosure, room exists for better promotion and consumer education of the accounts.

The law requires state-chartered banks disclose the availability of these accounts in their branches. The Office of Consumer Affairs and Business Regulation checked 54 banks around the state and learned that 49 of them - 91 percent - appropriately displayed the required notice.

In most cases, the notice was quite small and prominent advertisements for the 18-65 accounts were not posted in branches.

Barbara Anthony, who is the Undersecretary of the Office of Consumer Affairs and Business Regulation, is hoping to let more people know about this useful type of account.

RELATED LINK:

mass.gov/consumer