New: Bank On National Data Hub 2024 Findings Highlight Exciting Progress for the Movement
New data from the Bank On National Data (BOND) Hub shows how Bank On certified accounts have brought millions of un- and underbanked households into the financial mainstream, generating billions of dollars in banking activity. The CFE Fund and the Federal Reserve Bank of St. Louis partnered to create the Bank On National Data (BOND) Hub, which aggregates national Bank On account activity related to account openings, usage and consistency, and online access. The newly released 2024 report features data from 45 reporting institutions representing nearly half of the US deposit market share. The report shows that over 14 million Bank On certified accounts are currently open, with more than 4.8 million accounts opened in 2024 alone; 84% of them were opened by customers new to the financial institution. Bank On account holders are not only opening new accounts, but keeping them open, directly depositing funds, making regular transactions, and accessing peer-to-peer and online banking. Account closures also dropped significantly.
Overall, the data reflects the growing momentum of the Bank On movement, with more than 500 certified accounts now publicly available at financial institutions representing over two-thirds of US deposit market share. Read the full report here.
The CFE Fund also recently updated our tool for exploring BOND Hub account data at the national; state; county; city; or zip code level.
The CFE Fund’s Skyline Newsletter Highlights Transit Banking Access Integrations
The Cities for Financial Empowerment Fund’s regular Skyline newsletter spotlights cutting edge financial empowerment work happening on the ground in cities and counties across the country. The latest issue highlights how two local transit agencies used the shift to contactless payment to help bring riders into the financial mainstream. Read the full issue here.
2025 Bank On National Conference
Today at the 2025 Bank On National Conference, over 200 partners from across the banking access field gathered to celebrate movement progress, marking ten years since the start of the movement. The conference featured a keynote address by Office of the Comptroller of the Currency Senior Deputy Comptroller for Bank Supervision Policy Grovetta N. Gardineer. There are now over 500 Bank On nationally certified accounts, offered by banks and credit unions representing more than two-thirds of the domestic deposit market. Federal and state agencies from the FDIC to the Internal Revenue Service to state Departments of Labor are pointing consumers to Bank On accounts to receive payments, as are local programs across the country. There are nearly 100 local Bank On coalitions working to advance this national movement, including an increasing number of statewide coalitions. Check out the Conference agenda here.
