Overview
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 2021-2022 Standards include disallowing activation and early closure fees while promoting greater access to out-of-network ATMs.
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.
Financial institutions with Bank On certified accounts already comprise over 45% of the national deposit market share.