This press release announces that 28 banks and credit unions with over 21,300 branches now offer accounts meeting Bank On National Account Standards, newly updated for 2019-2020. Low-cost, low-fee, no-overdraft financial products that meet these national Standards are now already available across all 50 states and the District of Columbia at banks and credit unions that range in size from as many as 2 branches to as few as 5,500 branches.
The CFE Fund supports local Bank On coalitions through best practices found in our Bank On Coalition Playbook. Chapters cover a range of topics; newly-released chapters include best practices for Programmatic Banking Access Integration, a handout for financial institutions on the benefits of Bank On National Account Certification, guidelines for Launching or Relaunching a Coalition, local Strategies for Navigating Financial Institution Partnerships and Account Certification, a Bank On Coalition Logic Model, a guide for using local Bank On data from the Bank On Data Pilot, and an annotated version of the 2019-2020 Bank On National Account Standards.
In partnership with the Federal Reserve Bank of St. Louis, the Bank On Data pilot collected and measured quantitative data on 2017 Bank On certified account usage at four pilot financial institutions with certified accounts: Bank of America, JPMorgan Chase, U.S. Bank, and Wells Fargo. The pilot reveals the kinds of relevant account data that can be collected, how it might be collected, and what it might show; as well, this pilot highlights the benefits of a central reporting system for financial institutions with Bank On certified accounts and for their coalition partners across the country. Read the full report on this pilot here: The Present and Future of Bank On Account Data: Pilot Results and Prospective Data Collection.
Learn more about the National Bank On Data pilot and download the anonymized dataset here.