The account, which will carry a monthly fee of USD 4.95 (except for account holders aged 13 to 17), will have no minimum balance requirement and won’t allow clients to overdraft. The bank claims that the new account will meet standards laid out by the Cities for Financial Empowerment Fund.
The bank is also changing the overdraft threshold after which customers are charged a fee, ranging from USD 5 to USD 10 and is lowering the number of times a client can be charged per day from five to three.
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