In an effort to help individuals identified as unbanked and underbanked open savings accounts, a new pilot program was created by the FDIC. The program will be identified by participating banking institutions as the FDIC Model Safe Accounts Template and will offer safe, low-cost transactional and savings accounts to lower-income households.
Some products to be offered include specific electronic deposit accounts that may not charge fees for insufficient funds or overdrafts. The hope with this new program is that in addition to good savings account rates, customers will have an opportunity to build credit and work toward financial security (Loan Safe).
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