Alaska’s largest bank is facing a new set of challenges in its effort to recover from faze banking, as a new state law aims to make it easier for people to close accounts and collect the fees owed to the banks.
The Alaska State Banking Authority (ASB) announced Tuesday that it has received approval from the state’s attorney general to make online banking more accessible to people with limited bank accounts and no access to a credit card.
The change would allow Alaska residents with limited accounts to open an account for $50 per day or a new bank account for up to $100 per day, as long as they can pay their balance within a month of opening an account.
That’s a big step in the right direction for Alaska, which is home to one of the largest populations of faze bankers in the country.
The ATA also said it has been working with the Alaska Attorney General’s Office and other regulators to improve the experience for people with less-than-optimal bank accounts.
ATA Chairwoman Deborah Toden said the state is committed to continuing to strengthen the bank’s online banking and to ensuring that all of our customers have the tools they need to make informed decisions.”ATA Chairman Deborah Todeen said Alaska’s online bank service has been a critical part of helping residents open and manage their accounts, especially those with limited resources.
Toden says the service has helped people manage their money in a timely and secure way, and she hopes the new system will be even better.
Alaska’s new online banking service, dubbed Faze Bank, is being developed in partnership with ATA and the Alaska State Treasurer’s Office.
The service will be available starting March 6, 2019.