limited package of retail banking services offered at a relatively low fixed monthly cost. The concept originated in the early 1980s when consumer advocates began pressuring financial institutions to offer low-cost services to senior citizens and low-income depositors. The term preferred by bankers is basic banking, and these accounts generally are available to all depositors. A basic banking checking account usually includes check writing up to a certain number of checks per month and limited bank teller visits, but unrestricted access to accounts at automated teller machines. The customer pays a flat monthly fee. More frequent teller visits or check writing triggers an additional charge.
Dictionary of Banking Terms for: lifeline banking</div>