Half of U.S. Banks Offer Low-Cost Checking, ABA Says
From a Times Staff Writer
The number of U.S. banks offering low-cost or no-cost checking accounts remained essentially flat in 1988, according to a study released by the American Bankers Assn.
Consumer advocates have long fought for wider availability to no-frills checking accounts to accommodate low-income people and seniors on fixed incomes. The ABA study found that 53% of the nation’s banks offered some form of discounted account, an increase of 1% over the previous year.
The ABA said big banks are most likely to offer the low-cost accounts. The study found that 73% of the banks with assets of $1 billion or more provide the accounts, up from 71% in 1987.
