FleetBoston Financial Corp. has introduced a checkless bank account designed for people who deal almost exclusively in cash. Employers can deposit paychecks for free directly into the account, then users have free access to Fleet's 3,800 automated teller machines. They also can make purchases and get cash back at all online point-of-sale retailers.
Customers get no checks, but they do get monthly statements. Fleet says it currently cashes over a million paychecks each month from noncustomers. The new accounts are designed to convert some of those transactions into new bank business, as well as to help some of Boston's poorer neighborhoods, where many "unbanked" people live. Fleet says it expects to open 8,000 of the new accounts by year-end.
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