Working closely with our Bank On National Advisory Board and other key stakeholders, the CFE Fund released the Bank On National Account Standards. These standards provide local programs with a benchmark for account partnerships with financial institutions, and include both core and recommended features. The Standards were inspired by the 2012 Federal Deposit Insurance Corporation’s Model Safe Accounts Template. View the Spanish language version of the Bank On National Account Standards here.
Category: News
Bank On National Account Standards (2021-2022)
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.
Big Banks Sign On to Safer Account Standards for Underserved
This American Banker article highlights the Bank On National Account Standards launch, and financial institution and regulatory support, in San Francisco.
Are Government Efforts to Help Poor People Manage Money Working?
This Governing article looks at the impact of the Financial Empowerment Center initiative, and its unique connection to local government and focus on outcomes.