Unitus Community Credit Union’s Tru 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 Unitus Tru Checking indicates that it meets more than 25 features for safe and affordable consumer transaction accounts
TIGARD, OR (June 21, 2024) — Unitus Community Credit Union is proud to announce its Tru Checking account has earned certification for meeting the Bank On National Account Standards through the national Cities for Financial Empowerment Fund (CFE Fund). The 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 Unitus Tru Checking account include no monthly service fees, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. Tru Checking is available at each of Unitus’ 12 branches located in Oregon and Southwest Washington.
“We are pleased that our Tru Checking account has been certified as a safe and affordable option by the CFE fund,” explained Steven Stapp, President and CEO of Unitus Community Credit Union. “The Bank On certification strengthens our existing community partnerships through national recognition, while opening doors to additional community programs through the Bank On network.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Unitus Community Credit Union’s Tru Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Tru Checking offers Oregon and Washington residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Unitus’ 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.
Financial institutions with Bank On certified accounts already comprise two-thirds of the national deposit market share. In addition to Tru Checking, there are close to 450 other Bank On certified accounts available at financial institutions across the country and 23 Oregon financial institutions
offer certified Bank On products. 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 85% of them opened by consumers new to the financial institutions.
The CFE Fund leads the national Bank On movement, supporting 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.
About Unitus Community Credit Union
At Unitus, we’re dedicated to improving lives in the communities we serve. As a member-owned local credit union, we invest in people by doing the right thing. Through partnerships with nonprofit organizations, we provide support for community groups through volunteerism and financial donations. Our 105,000 members count on us to serve them and their communities; our 300+ employees share that passion for service. Learn about the local impact Unitus makes by visiting unitusccu.com.
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 $66 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org.
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.
