Basic Banking Bill "Refinements"
The Basic Banking Bill in the House of Representatives (HR6) requires financial institutions to maintain low or no cost accounts for certain individuals. These accounts would have limits of a minimum of $25.00 and a maximum of $1,000, with ten withdrawals permitted per month.
The mandatory cashing of U.S. Government checks in this legislation would be for checks less than $1,500, and would allow no more than a $2.00 fee to be charged for the encashment of a government check for a non-customer.
The Senate bill (S415) is essentially the same except the minimum balance in the account could be $1.00, and the fee for cashing government checks would be set by the Federal Reserve Board.
This is another piece of legislation we'll keep you up to date on so you will have time to adjust your procedures.
Copyright © 1991 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 6, 7/91
First published on 07/01/1991