Horizon Bank s Fresh Start Checking has received accreditation from the Cities for Financial Empowerment organization. The accreditation serves as a recommendation for community nonprofits to refer unbanked community members to the checking account.
The Michigan City-based bank s Fresh Start account has no minimum balance requirement, unlimited check writing, federal deposit insurance and a cost of $5 a month.
It was found to meet national standards that were crafted with the help of consumer advocates, civic leaders and nonprofits.
The goal of the national Bank On initiative is to help people, particularly of lower socioeconomic status, gain access to safe and affordable financial products and services. Bank On national account standards are meant for community service coalitions and nonprofits to use to identify bank or credit union accounts they can refer clients to.Â
Bank On Certified Accounts Help Hundreds of Thousands of Residents Receive Stimulus and Other Emergency Payments Safely and with Social Distance
Sixty Banks and Credit Unions Across Every State in the Country Offer Products Certified as Safe, Appropriate by National Nonprofit Cities for Financial Empowerment Fund
Bank On s 2021-2022 Standards Require Low Costs, No Overdraft Fees, Spending and Bill Payment Features, and Newly Adds Digital Financial Institutions to those With Branches
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NEW YORK, Jan. 27, 2021 /PRNewswire/
National nonprofit organization the Cities for Financial Empowerment Fund (CFE Fund) announced today that 60 financial institutions with over 28,000 branches across the entire country now offer accounts certified as meeting newly updated Bank On National Account Standards (2021-2022). These bank and credit union accounts support local Bank On coalition efforts to expand access to safe and appropriate financial products an