05/24/2023: R Bank | BankOn
R BANK REFRESH CHECKING RECEIVES NATIONAL CERTIFICATION BY BANKING ADVOCATES AS SAFE, AFFORDABLE ACCOUNT
The Cities for Financial Empowerment Fund’s Bank On National Account Standards Certification of Refresh Checking indicates that it meets over 25 features for safe and affordable consumer transaction accounts.
May 24, 2023, Round Rock, TX– Today, R Bank announced that its Refresh Checking 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 Refresh Checking account include a monthly cost of only $0.00, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. The Refresh Checking is available in every one of R Bank’s 10 branches across Texas.
“R Bank is excited to introduce our latest deposit account offering, our Refresh Checking, which has been certified to the national standards of the Bank On program. This innovative financial product reflects our commitment to financial inclusion and empowerment. We think the Refresh Checking account is an excellent introductory product for a first-time account owner or those looking for a simple solution to manage their personal finances. R Bank welcomes individuals who have faced banking challenges in the past an opportunity to reestablish their financial footing with the Refresh Checking account.
As a community-focused institution, R Bank believes in offering everyone access to services that support their needs. The Refresh Checking account is another product that aids in R Bank’s mission of serving the financial needs of our communities and fosters an equitable and hopefully more prosperous community for everyone through this and other innovative product offerings” said Steven Stinson, Chief Operations Officer.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to R Bank’s Refresh Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “The Refresh Checking offers Texas residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. R Bank’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.
R Bank’s Refresh Checking is available at all 10 locations in Texas. With the addition of the Refresh Checking accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share. In addition to the Refresh Checking there are over 350 other Bank On certified accounts available at financial institutions across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; since their offering, millions of consumers have opened Bank On certified accounts, with approximately 80% of them opened by consumers new to the financial institutions.
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 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.