Product offering once again certified by national nonprofit for meeting Bank On Account Standards
PERKASIE, Pa (January 2023) – Penn Community Bank, the largest mutual bank in eastern Pennsylvania, announced that its Access Checking account has once again been certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2023 – 2024). The national safe account Standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.
The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.
The greater Philadelphia region has a significant need for affordable banking services. Approximately 25% of households in the region are considered “unbanked” or “underbanked,” meaning they do not have access to mainstream financial services. By partnering with Bank On, Penn Community Bank is working to address this need and promote financial inclusion in the region.
“Providing access to affordable banking services is at the heart of our mission, and we are proud to help create a more inclusive and equitable financial system,” said Bernard Tynes, Penn Community Bank’s Chief Marketing & Impact Officer. “Recertification by Bank On is a testament to our commitment to providing high-quality banking services to all members of our community and promoting financial inclusion in the greater Philadelphia region.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Penn Community Bank’s Access Checking account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Access Checking offers eastern Pennsylvania residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Penn Community Bank‘s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
Key features of the bank’s Access Checking account include a low monthly fee, that can also be waived with just $500 in monthly direct deposits, plus, no overdraft or nonsufficient funds transactions or fees, a free debit card with Purchase Rewards, free online and mobile banking, free bill pay and Zelle®, and up to four free money orders per month. Also, as with other checking product options, Access Checking is covered by standard federal deposit insurance. Access Checking accounts can be opened at any of Penn Community Bank’s branches across the region.
Including Access Checking, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; since the introduction of Bank On account certification standards, millions of consumers have opened Bank On certified accounts, with approximately 80% of the accounts opened by consumers new to the financial institutions.
The CFE Fund leads the national Bank On movement, supporting almost 100 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn.
About the Cities for Financial Empowerment Fund (CFE Fund): The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $59 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About Bank On: Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of almost 100 coalitions in cities across the country, offering National Account Standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.
About Penn Community Bank: Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking and lending services at 20+ bank branches and three administrative centers throughout southeastern Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves. In support of this mission, Penn Community Bank’s charitable arm, the Penn Community Bank Foundation, contributes 5% of the institution’s net income each year to area nonprofits and community groups that are making a difference in the region.