Taxes, Cash & Savings · Surprise rank #318
Bank Fees Too High? New York Requires a $3-a-Month Basic Account at Many Banks
New York Basic Banking Account
Who
Consumers seeking a low-cost transaction account at a covered New York banking institution.
What to do
Start here: Ask a covered bank or credit union specifically for its New York Basic Banking account or DFS-approved low-fee alternative, then compare the fee disclosure.
Eligibility: A bank may require New York residency, the usual identification, and closure of other transaction accounts; specific products vary by institution.
What you get
New York-regulated banks and credit unions must offer a low-fee Basic Banking account or an approved alternative that is at least as favorable.
Benefit: A Basic Banking account with an opening deposit of no more than $25, a maintenance fee of no more than $3 per month, and a minimum balance of no more than one cent.
Possible value: At least eight withdrawals per cycle are included for people under 65 and at least 12 for people 65 or older; other fees can still apply.
Good to know
Important: Out-of-network ATM, overdraft/bounced-check, printing-check, and other nonincluded service fees may still apply.
Availability: Current New York consumer-banking requirement.
Why people miss it: Banks may market an approved alternative under a different product name instead of calling it Basic Banking.
Sources reviewed: Aug 10, 2026