Checking accounts had restrictions like minimum deposit and balance requirements. Some people may have avoided opening accounts or cashing checks because banks had tough identification requirements. High interest rates and strict credit requirements for mortgage or other loans kept lower income people from becoming homeowners. A new federal banking law may make some of these banking services more affordable. It also requires banks to develop products and services that meet those needs.
Banks have a legal responsibility to the people in the communities they serve.
This includes people with low or moderate incomes. CRA Services, Programs and Products Because of the Community Reinvestment Act, some banks now offer services,products and programs that benefit low and moderate income people. These services, programs and products are not available at all banks. Their features may be different at each bank. It's best to contact the bank directly for details about their CRA products, services and programs.