What is Bank On?
Bank On is a nation-wide initiative directed by the Cities for Financial Empowerment Fund that seeks to connect individuals with safe and affordable bank and credit union accounts. 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 improve the financial stability of unbanked and underbanked individuals and families in their communities. Bank On programs also work to raise public awareness, target outreach to the unbanked, and expand access to financial education.
What is Bank On New Haven?
Bank On New Haven is a local coalition of banks and credit unions, city agencies, and community organizations partnering to expand banking access for New Haven residents. Our core partners include Connecticut Association for Human Services (CAHS), The City of New Haven, The United Way of Greater New Haven, The Connecticut Mental Health Center, and The CT Asset Building Collaborative. We work closely with banks and credit unions to meet the Bank On National Account Standards, connect people with financial empowerment resources, and integrate safe and affordable accounts into existing programs to maximize uptake.
The National Account Standards
The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts including:
- $10 or less monthly maintenance fees
- No dormancy or inactivity fees
- Free online and mobile banking
- No overdraft fees
- Free electronic and paper statements
- Free and unrestricted in-person and telephone banking