Liberty Bank in Middletown, Conn., created a checking account that replaces overdraft fees with a monthly maintenance fee.
The $7.4 billion-asset bank said in a press release that the BankSmart product is designed to connect with more underbanked and unbanked consumers.
Liberty will waive the $3.95 monthly fee for customers who are 26 or younger and those that are 65 and older.
“We are dedicated to getting to know our customers personally and helping them grow financially through various resources, tools and our team’s expertise,” David Glidden, the bank’s president and CEO, said in the release.
“Families often pay too much for basic financial transactions and are hard pressed to build savings and assets,” Glidden added. “This is where Liberty BankSmart can make a difference.”
Liberty announced in December that it was part of a public-private partnership to make homeownership more affordable.