Bank On-certified Accounts

Marketing and Social Media

Where can I access sample PR and social media materials?

The Cities for Financial Empowerment Fund (CFE Fund) provides a customizable press release, template social media language, and customizable images that certified banks can use to announce and promote their account certification.  If your bank has a certified account, contact Katie Plat ([email protected]) to receive the toolkit materials and for support developing a communications strategy.  If your account is not yet certified, you may find this research on marketing the value of a Bank On certified account to unbanked individuals a useful starting point, as well as this chapter from the Bank On Playbook.

Where can I find the Bank On certified seal and logos?

The Bank On certification seal is provided upon certification of your account.  If your bank has a Bank On- certified product, please contact Katie Plat ([email protected]) for access to the seal files. Banks are encouraged to use the seal on their website, in brochures, on branch signage, and anywhere else you think appropriate as way to signal that the account meets the national account standards.

Do you have any suggestions on marketing Bank On internally to bank employees--especially among retail/branch team members?

As you do with any product training, bank employees – and especially frontline staff – should understand the Bank On-certified product and why it’s structured the way it is. It’s also important for employees to know that this product isn’t just a “second chance” product but rather should be made available to any customer. Many banks have found their Bank On-certified product to be very popular, especially as bank staff and customers understand its features and low costs. Most financial institutions do not call their accounts “Bank On” so ensuring that branch staff understand that the bank’s product is certified under that national standard will help marketing efforts at the branch level. ABA is also working to develop off-the-shelf training for frontline bank staff on the features and purpose of Bank On accounts.

What are the best channels to promote Bank On? Social media (any specific platform?), print, digital, etc.?

Marketing will vary by community, but we recommend any channel that will signal to prospective customers that you’re interested in their business. Some banks have launched creative advertising campaigns in laundromats and bus stops; in local or ethnic media publications; or through social channels with trusted influencers. Becoming active in your local Bank On coalition may help you to deepen relationships with local community organizations that have the trust of their communities. 

What Bank On webpage do you recommend we link  to from the Bank On seal on our website for more information?  Is there a more consumer-friendly page than the Join Bank On page?

Currently, banks can direct consumers to the Bank On Coalition page on the CFE Fund’s Bank On website, which details 90 different localities where coalitions can direct consumers to Bank Oncertified accounts. Banks can also link to the Bank On website or the Bank On National Account Standards to provide additional information on the Bank On movement and the meaning of account certification.

Reporting Bank On Data

Is reporting of Bank On data required for a certified account, or is it optional?

It is optional but it is very helpful if you can report data because it helps the industry tell our story and show the collective impact we  are having on financial inclusion. Reporting data to the St. Louis Federal Reserve is relatively simple, confidential, and is done on an annual basis. The more banks that report, the better we are able to tell the industry story. Please reach out to Amelia Erwitt directly - [email protected]– for more information or to get started reporting your data to the BOND Hub.

Why is the most recent available data from 2019?

Data is reported in a single annual submission for the prior calendar year. This is to reduce the reporting burden on participating financial institutions; however, it does mean that there is a delay in publication. The next report covering 2020 data is expected to be published in December 2021. We hope to move up the publication date for future years with the cooperation of our reporting partners. 

Bank On Coalitions

How do I find out where Bank On coalitions are?

CFE Fund has a list of coalitions on its website. New coalitions are forming all the time, and in fact any bank can help to form a coalition in your community. CFE Fund has resources to help banks get engaged in existing coalitions or to help start one. Please contact Luisa Gonzalez at [email protected] to get started or to find out who you can connect with locally.

Account Standards

Can a product that offers check-writing capabilities be certified as a Bank On product?

Yes, although most Bank On-certified accounts are checkless checking accounts because it is easier to prevent accounts from being overdrawn. However, as long as you do not charge the customer a fee when an account goes negative, you will still meet Bank On national account standards. For more information you can read the Certification FAQs.

Can you touch on the use of ChexSystems when it comes to opening Bank On-certified accounts?

The account standards strongly recommend (but do not require) that customers be declined  only in the case of a fraud flag. Banks will of course make their own risk assessments. 

Is the $5.00 max monthly fee inclusive of ATM surcharges, etc. or is that relative to maintenance fees?

This refers to the monthly service charge. The national account standards also have rules around surcharges: free and unrestricted within a bank’s own ATMs and a small fee is allowable for out-of-network usage. The full list of account standards is available here.

If we are in the process of developing a Bank On-certified product, do we have to wait until after it is launched to get certified or can we get certified prior to launch?

We recommend that you work with the CFE Fund staff on certification prior to launch so you can make a big splash when you launch your product. Please contact David Rothstein at CFE Fund ([email protected]) to get started.

Is it required to have online account opening in place to offer a Bank On-certified account?

No, but it is a great feature. Being able to open an account completely online can be a powerful tool in reaching the unbanked at critical inflection points, like signing up for direct deposit of government benefits, or after completing a financial education program. See CFE Fund’s COVID Banking page for an example of consumer outreach in connection with Child Tax Credit Payments.

There may be instances when an account overdraws due to holds and approvals, how has this been handled? Do you see these accounts brought back to a positive balance or have there been a lot of losses?

Even with checkless checking accounts, it is possible for an account to show a negative balance. To meet Bank On national account standards, you may not charge the customer a fee when that happens. Banks will of course want to set account parameters to constrain how far an account can dip below $0. Anecdotally, banks are not seeing large losses in their Bank On-certified accounts.

Are “overdraft fees” the same as “returned item” fees?

Since most Bank On-certified accounts are checkless checking, returned items are not common. If a bank does choose to offer checks with their Bank On-certified accounts, a penalty fee for the returned item would not be permitted. A charge for a returned deposit is permitted.

Are electronic statements required?

No, electronic statements are not required, but must be free if provided. You may charge up to $2 for paper statements.

Other Questions

How many U.S. financial Institutions currently offer a Bank On-certified  account?

As of October 31, 2021, CFE Fund has certified 161 accounts offered by regulated financial institutions, with more joining the movement every day. These accounts represent nearly 50% of bank branches in the U.S.

What has been your experience with fraud in Bank On-certified accounts vs. traditional checking accounts? Is there any restriction on closing these accounts if there is a fraud issue?

While data is limited, anecdotally, we have not heard of banks reporting disproportionate fraud activity in Bank On-certified accounts. And where fraud is suspected, banks do not have any additional obstacles to account closure.

For a CRA (Community Reinvestment Act) examination submission, would a Bank On-certified account be classified as CRA Services or CRA Investments?

Offering Bank On-certified accounts and participating in Bank On coalitions is generally considered under the CRA Services test.

Can you provide the best points of contact at the COREs to help us through the process of setting up a new Bank On-certified account?

Fiserv – Kathleen Mikula, Director, Influencer Strategy Global Brand, [email protected]
FIS – Andrew Ciafardini, Head of Corporate & External Affairs, [email protected] 
Jack Henry - Joyce Rains, Client Services Consulting Director, [email protected]

Do these accounts cannibalize other checking accounts?

On average, banks offering Bank On-certified accounts report that nearly 85% of the uptake comes from customers who are new to the bank. 

Are Bank On-certified accounts profitable?

Banks report that Bank On-certified accounts are active and generate consistent debit interchange revenue. Because banks are also permitted to charge a monthly fee up to $5 (or $10 if there are two options to waive), banks tell us these accounts are sustainable.

Can you set lower transaction limits (e.g., POS, Bill Pay or Zelle limits) for your Bank On-certified product vs your other checking products?

As banks design their Bank On-certified products, they can build in account parameters and transaction limits appropriate to the product and/or customer. 

If a customer only qualifies for the Bank On-certified account, do you have a waiting period before that customer becomes eligible to open other accounts with overdraft service?

Bank On national account standards do not require that customers be offered another account at the bank. In fact, many customers may choose to stay in the Bank On-certified account over the long term and this sort of account that has built-in guardrails may create a solid foundation for that customer’s economic success.

Do you have policies that lead excessive overdraft customers to your Bank On-certified product?

Many banks that offer Bank On-certified accounts find that these accounts work well for customers who overdraft more than occasionally. This type of account is a great alternative for bank customers who might benefit from the structure of the Bank On national account standards.

For banks who are unable to make bill pay work, do these customers visit the branches more often than the rest of the customer base?

Anecdotally, we have not heard banks express concern about Bank On-certified account holders’ branch usage. As a general matter, customers across all demographic groups are becoming more comfortable using their banks’ online and mobile account capabilities.

How do banks handle account applicants who are homeless and do not have an address?

Many homeless shelters provide a mailing address that banks can use as an address of record, as well as an address for paper statements, should the customer opt out of electronic delivery.