TAUNTON, MA: Today Mechanics Cooperative Bank announced that its BankOn Choice Checking was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards for 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 BankOn Choice Checking include no monthly service fee, no overdraft or non-sufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. BankOn Choice Checking is available at all Mechanics Cooperative Bank locations in Massachusetts.
President and CEO of Mechanics Cooperative Bank, Joseph T. Baptista Jr, said “We are proud to offer this nationally recognized account to our customers and to the communities we serve. As a community bank, our #LetsKeepitLocal philosophy is about representing the people in our community and finding ways to support them. This new account is a testament to that commitment, and we are excited to provide affordable banking options to those who may have been previously underserved. We hope this account helps our customers achieve their financial goals and improve their overall quality of life.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Mechanics Cooperative Bank’s BankOn Choice Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “BankOn Choice Checking offers South Coast Massachusetts residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Mechanics Cooperative 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.
Mechanics Cooperative Bank’s BankOn Choice Checking is available at all locations and online. With the addition of the BankOn Choice 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 Mechanics Cooperative Bank, 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.
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.
About Mechanics Cooperative Bank
With total assets of $650 million, Mechanics Cooperative Bank offers a wide variety of personal and business deposit and loan products. As a Massachusetts co-operative bank, 100% of customers’ deposits are always fully insured. Established in 1877, Mechanics Cooperative Bank is Massachusetts’ second-oldest co-operative bank with nine conveniently located branches in Taunton, North Dighton, Bridgewater, Fall River, Westport, Swansea, Somerset, and New Bedford. For more information, call 1-888-MECHANICS (632-4264) or visit Mechanics-Coop.com. Member FDIC. Member DIF. Equal Housing Lender.