The Cities for Financial Empowerment Fund’s Bank On National Account Standards Certification of the Value Account indicates that it meets over 25 features for safe and affordable consumer transaction accounts.
Sheffield, Ala. – Friday, December 16, 2022 – Today Bank Independent announced that its Value Account was officially 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.
Key features of the Value Account include a monthly cost of only $5.00, no overdraft or non-sufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance.
"We are proud to be part of the Bank On Program and are very excited to be able to offer our customers a low-cost, consumer-friendly product that instills confidence in managing their account and gives them the ability to avoid overdraft fees,” said Bank Independent Chief Operating Officer, Stacy Suggs, said. “Our mission is to make a positive difference in people's life and one way we do this is by providing quality products at a fair price."
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Bank Independent’s Value Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “The Value Account offers North Alabama residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Bank Independent’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
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 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 Bank Independent
Since 1947, Bank Independent has taken pride in serving the customers who count on us to be there for them when they need us most. With 30 traditional Sales Offices across North Alabama, an on-campus Deshler Tiger Branch, and the Digital Sales Office, we’re committed to providing the best service, designing the most desired products, and creating an overall excellent experience for each and every customer. As a local community bank, we believe in building relationships that run deep and last. All our team members reside in our local communities and believe in giving back through volunteering. To become part of a bank that makes a positive difference in people’s lives, visit us at bibank.com.
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.