Worcester, MA – Bankers, community activists and regulators joined together at Worcester’s Redemption Rock Brewing on October 2, 2024 to celebrate the 30th anniversary of the nation’s first voluntary statewide low-cost checking and savings program. Basic Banking for Massachusetts is still going strong with fifty-eight banks and credit unions, ranging from small community banks to large regional and national institutions offering certified accounts to consumers in Massachusetts.

Basic Banking for Massachusetts was launched in 1994 as a product of our Banking Services Committee to expand access to bank products and services and to encourage those with modest incomes to establish banking relationships.  Banks participating in Basic Banking for Massachusetts voluntarily provide low-cost checking and savings accounts published guidelines.

At the 2024 Financial Equity Summit, our Banking Services Committee co-chairs Jason Andrade, Director of Financial Services, Compass Working Capital and Lena Buteau, Vice President, Retail Administration Officer, Monson Savings Bank joined with former Comptroller of the Currency Tom Curry and former president of MCBC Joe Feaster on a panel discussing the past, present and future of reaching unbanked and underbanked households.