A public banking option for everyone.
Give everyone access to basic public accounts at cost. Private banks and credit unions can operate alongside them.
Realistic now
Create accessible public transaction accounts and partner with local lenders for small-business credit. Publish fees and guarantees.
The ideal
Everyone can use a low-cost public account and payments service with clear privacy, capital and oversight rules.
Benefits
A public alternative gives households and small businesses more choice and less exposure to penalty fees.
Costs / risks
Protect deposits, manage credit risk and keep lending decisions independent of political favors.
Real life
Bank of North Dakota is state-owned and offers basic accounts to state residents. Its retail policy is limited and its role differs from a nationwide option.
Bank of North Dakota · Public accounts · CFPB · 2023 overdraft/NSF data · CFPB · 2024 rule estimate · RegInfo · RIN 3170-AA42