As the banking industry works to address the 7.1 million households that are unbanked in the United States, ABA has unveiled a new infographic highlighting how Bank On-certified accounts can provide consumers with safe, affordable access to the mainstream financial system. Bank On-certified accounts are accounts that typically offer checkless checking with debit card and mobile/online access, have no overdraft fees, have a monthly fee of $5 or less and can be opened with a low starting deposit.
The infographic highlights how Bank On accounts can benefit consumers and banks. For consumers, Bank On accounts address several of the common barriers that keep them out of the banking system and use alternative financial products or services—which can add up to $40,000 over a lifetime. For banks, Bank On-certified accounts provide an opportunity to attract new customers; 82% of Bank On-certified account holders are new customers.