Fearing that if it didn't act, the state legislature would, a group funded by the Massachusetts Bankers Association has gotten more than 140 banks to agree to lower fees and minimum deposit requirements for checking and savings accounts.

The Massachusetts Community and Banking Council, funded by the state industry association and formed in 1990 after several acrimonious battles over redlining, said Monday that participating banks won't charge more than $3 a month for checking and a dollar a month for savings accounts.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.