Galvin Tries To Discourage Banks From Checking Account Fees
The Massachusetts secretary of state is trying to discourage banks from charging fees on checking accounts.
Secretary William Galvin is asking state lawmakers to prohibit the deposit of state funds at banks that do not offer free checking to young people and senior citizens.
"People need banking to deal with their daily lives," Galvin said. "And if they're going to be charged fees for access to their own money in a time when there's little or no interest being paid, it makes no sense."
State-chartered banks are already prohibited from charging fees to senior citizens and minors, but federally chartered banks are not.
This program aired on March 1, 2012. The audio for this program is not available.