Self-Help CEO Martin Eakes has applauded the new pilot chequing product offered by Bank of America, called Safe Balance.
“Bank of America’s new chequeless chequing account is exactly what civil and consumer rights advocates have been requesting for years from the nation’s largest banks,” said Eakes. “The product is designed to prevent bounced cheque and overdraft fees completely, while still allowing access to the account by debit card, ATMs, mobile banking and online bill payments. Customers have repeatedly told us that they want to be able to spend only the funds that they have in their accounts. For students and customers of modest means, this new account is perhaps the best product available in the market today.”
“We commend Bank of America for its continued leadership in helping American consumers avoid unnecessary overdrafts,” Eakes continued. “Over the past couple of years, we have consulted with the bank on the design and creation of Safe Balance Banking, and believe it takes the next step in helping consumers become smarter about spending only the funds that they actually have on hand, thus gaining control over one’s day-to-day finances.”
“This account is a full-featured banking account, which makes it easier to connect to savings accounts. To my knowledge, this is the only chequeless chequing account from one of the largest banks that also allows online bill payments without any additional fee. For a ‘chequeless ‘ account, this is a big benefit.”
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