Key Takeaway

Certified account 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 bank or credit union accounts appropriate to those currently outside of the mainstream banking system. 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 2019-2020 Standards include allowing paper statement fees that cannot exceed $2 per month, reflecting both costs experienced by financial institution partners and the strong online functionality of certified accounts.

Additional Takeaways

Bank On National Account 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 with accounts that meet the Standards can apply, at no cost, for national Bank On certification.

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