Today Alive Credit Union announced that its Fresh Start 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 Fresh Start Checking include a monthly cost of only $5, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. Fresh Start Checking is available in every one of Alive Credit Union’s eight branches across Jacksonville, Florida and Hammond, Louisiana.
Rose Gunter, President & CEO at Alive Credit Union commented, “We are pleased to become a part of the Bank On movement with our Fresh Start Checking Account, which complements our financial wellness and credit building services. The Bank On certification will help us reach more unbanked individuals in our communities who can improve their financial lives through this account and our other low and no-cost banking services, including free financial education and coaching.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Alive Credit Union’s Fresh Start Checking Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Fresh Start Checking offers Jacksonville, Florida and Hammond, Louisiana residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Alive Credit Union’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.
Alive Credit Union’s Fresh Start Checking is available at all eight branches in Jacksonville, Florida and Hammond, Louisiana. With the addition of the Fresh Start 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 Fresh Start Checking, there are over 300 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.