18-65 Law Notice

Updated 6.10.2024

Massachusetts’ “18-65 Law” requires state-chartered banks to offer one personal checking account and one personal savings account for persons 18 years of age or younger or 65 years of age or older upon request.

Our bank complies with the provisions of Massachusetts General Law Chapter 167D, Section 5 known as “18-65 Law”. For our customers 65 years of age or older and 18 years of age or younger, there are no minimum balance requirements on our checking accounts or statement savings accounts which have been established and used for personal, family or household purposes. There will be no charge for a deposit or withdrawal. We will not charge you for your initial order or any reorder of the basic line of checks offered by our bank if you establish one of the above accounts. The Division of Banks has determined that, for any account covered by the 18-65 Law, the charge to be assessed for a transaction refused due to insufficient funds or paid despite insufficient funds shall not exceed $5.00 per such transaction.

However, fees may be assessed for stop payments, wire transfers, bank checks, money orders, returned deposited items and ATM fees.

For additional information, please contact a New Valley Bank team member at 413-739-BANK.