The Cities for Financial Empowerment Fund announced today that 60 financial institutions—including 46 banks—with more than 28,000 branches nationwide are now offering Bank On-certified accounts. Since ABA last October called on all banks to consider offering accounts that meet standards established by the CFE Fund, eight banks have been newly-certified, 23 banks are actively pursuing certification, more than 70 have requested additional information and nearly 200 participated in a webinar earlier this week to learn more.
Bank On-certified accounts provide benefits to both banks and customers, with low costs, no overdraft fees, robust transaction capabilities via a debit or prepaid card and bill pay capabilities. Banks report that Bank On-certified accounts bring new customers in the door, with over 75% of these accounts being opened for customers that are new to the bank. According to the CFE Fund, consumers now have access to account offerings that meet Bank On standards in 99 of the 100 largest metropolitan markets, in all 50 states and the District of Columbia. Financial institutions offering Bank On certified accounts comprise more than 45% of the national deposit market share.
“More banks offering Bank On-certified accounts means greater access to the banking system and the economic opportunities that come with a bank account,” said ABA President and CEO Rob Nichols. “Our announcement urging banks to join this important movement has led to an impressive increase in the number of banks pursuing Bank On certification, and we will continue to work with institutions across the country to help them offer these accounts in their communities.”
ABA has also been actively engaged with 20 core technology providers—including Fiserv, FIS, Jack Henry and Associates and Finastra—that have committed to simplifying the process for their bank clients to create and offer a Bank On-certified account.