Bank On-certified accounts provide consumers safe and affordable access to the mainstream financial system. Bank On accounts typically:
With national account standards administered by the nonprofit organization Cities for Financial Empowerment, Bank On accounts work for both consumers and banks.
7.1 million households are unbanked with no checking or savings account, according to the FDIC’s latest data. It’s the lowest number on record but we believe it is still too high. It also represents a great market opportunity.
Millions of Americans—potential bank customers—remain outside the banking system for a number of reasons
Paying for banking alternatives can add up to $ $40,000 over a lifetime
Your bank can demonstrate its commitment to financial inclusion and also attract new, active customers.
“Our Bank On-certified EZ Access account allows us to bring in new clients who otherwise might not have enjoyed the safety and convenience of a bank account.”
— Jim Ryan, Chairman and CEO, Old National Bank
Many banks offer accounts that may already meet Bank On National Account Standards. Get started at joinbankon.org/certify or talk to your core service provider about getting certified and receiving a Bank On seal.
Source: 2019 FDIC Survey, St. Louis 2020 Bank On National Data Hub Report
Press Contact