Key Takeaway

Core features include low-cost, low-fee basic transaction capabilities with no overdraft fees.

The Bank On National Account Standards provide guidelines on over 25 product features that local Bank On coalitions should seek in their financial institution partnerships and that financial institutions should consider when developing basic transaction accounts. The guidelines include both core and recommended features, and focus on safety, cost, accessibility, and functionality.

Additional Takeaways

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

Accounts that meet the Standards are appropriately designed for, and responsive to, the needs of tens of millions of consumers with low- and moderate-incomes.

The CFE Fund supports local Coalitions in working with financial institutions to negotiate accounts that meet the Standards through our Capacity Grant Fund.

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