Key Takeaway

Standards’ core features include low-cost, low-fee basic transaction capabilities with no overdraft fees.

The updated Bank On National Account Standards, identify critical product features for appropriate bank or credit union accounts. Core account features include low costs, no overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill pay. Notable changes in the 2017-2018 Standards include expanded allowable bill pay functionality: standard-meeting transaction accounts must either offer internal bill pay or instead provide consumers access to at least four free money orders or bank checks per month.

Additional Takeaways

Changes in these updated Standards are critical to helping consumers pay bills to individuals and businesses, such as landlords, who might not accept online payments.

The Standards provide guidance to local Bank On coalitions promoting banking access in their communities as they negotiate partnerships with financial institutions.

Banks and credit unions can apply, at no cost, for validation and certification that their account meets Bank On National Account Standards.

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