To help reduce the number of unbanked Americans, American Bankers Association President and CEO Rob Nichols today urged all banks to offer a Bank On-certified account. In his opening remarks at ABA’s Unconventional Convention, Nichols also commended the nation’s core processors for committing to make it easier for banks to offer these accounts.
“We believe that expanding the number of banks that offer these safe, affordable accounts can help lower the number of unbanked and underbanked in the country and promote financial inclusion,” Nichols said. Created by the Cities for Financial Empowerment Fund, Bank On accounts’ key features include low costs, no overdraft fees, robust transaction capabilities via a debit or prepaid card and free online bill pay.
Nichols also announced that 20 core technology providers—including Fiserv, FIS, Jack Henry and Associates and Finastra—have committed to simplify the process for their bank clients to create and offer a Bank On-certified account. “The core providers deserve credit for stepping up to support this important initiative and their bank customers,” Nichols added. “Their partnership will make it easier for banks across the country to offer these accounts and join the Bank On movement.”
Currently, 43 banks offer Bank On-certified accounts, and many banks may already offer accounts that meet the Bank On standards. “Old National has been a champion of the Bank On program since 2008, and today our Bank On-certified EZ Access account allows us to bring in new clients who otherwise might not have enjoyed the safety and convenience of a bank account,” commented Jim Ryan, chairman and CEO of Old National Bank in Evansville, Indiana.