ALBANY, N.Y. -- New York State's banking board approved a new regulation requiring banks to offer so-called basic banking checking accounts beginning Jan. 31, 1995.

The new accounts, authorized by the Omnibus Consumer Protection and Banking Deregulation Act of 1994, require an initial deposit of no more than $25, a maximum monthly fee of $3 and a minimum balance of one penny.

They also include eight withdrawals per month, at the counter or at an automated teller machine.

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