Why open a bank account?
• Direct Deposit. A bank account facilitates the convenient direct deposit of your paycheck and income tax refund. If you are eligible for the Earned Income Tax Credit (EITC), a bank account offers an alternative to high-interest refund anticipation loans. • Savings. A bank account eliminates the need for expensive check cashers or other non-bank services that charge costly fees. • Credit History. Banks value long-time customers. That works for you when you need their help with personal, home, or other loans. • Security. In case of theft, damage, or loss, your bank account will be insured by the Federal Deposit Insurance Company (FDIC). For information on how to open a low- or no-fee bank account, visit DCA’s BANK ON NEW YORK Home Page and download copies of the “BANK ON NEW YORK brochure” and “Opening a Bank Account” tip sheet. What is the EITC? The EITC is a federal, state, and city tax credit paid to qualifying workers who earn less than $35,000 annually. With an average payment of
