Statement I: Banks require a minimum balance of checking accounts because it cost them money to process each check.
Statement II: The American Bankers Association has successfully beaten back attempts to pass legislation requiring banks to provide free check-cashing services to the poor.

Question

Quizplus · Accepted Answer

Both statements are true. Banks often require a minimum balance for checking accounts to offset the costs associated with processing checks. Additionally, the American Bankers Association has historically opposed legislation that would mandate banks to offer free check-cashing services, particularly to low-income individuals, arguing against the financial and regulatory burdens such mandates would impose on banks.

Statement I: Banks Require a Minimum Balance of Checking Accounts