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Bank On

What Are Bank On-Certified Accounts?

The goal of Bank On is to ensure that all consumers have access to a safe and affordable bank or credit union account. CSI is committed to helping consumers identify and enroll in low-cost transactional products that meet Bank On National Account Standards. These Standards, are updated every two years by the Cities for Financial Empowerment Fund, serve as the basis for free and independent certification evaluation.

Serving the Underbanked and Unbanked

A basic transaction account is an important first step toward establishing a mainstream banking relationship, securely depositing earnings, accessing credit, and saving money for the future. Unbanked and underbanked individuals historically have lacked access to these cost savings and stabilizing benefits.

 

Did You Know:

  • Close to 7% of U.S. households (approximately 14 million adults) are “unbanked,” meaning without a checking or savings account.
  • Almost 20% of U.S. households (approximately 50 million adults) are underbanked, meaning they use some fringe financial services.
  • Nearly 37% of unbanked and 45% of underbanked households earn less than $30,000 per year.
  • Nationally, more than half of Black households and 46% of Hispanic households are unbanked or underbanked, compared to less than 20% of white households.

 

 

Want to Offer Bank On-Certified Accounts through CSI?

CSI is committed to empowering our customers and partners to serve the underbanked and unbanked through this exciting initiative. Reach out to your CSI relationship manager today to learn more about the benefits of Bank On accounts as well as details around implementation. You can also contact us for more information.

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