ABA: Statement on Bank On Account Milestone

“We are thrilled to learn that more than 100 financial institutions, including a growing number of America’s banks, now offer low-cost Bank On certified accounts. We congratulate the Cities for Financial Empowerment Fund, which created the Bank On standards, for this important achievement and for the CFE Fund’s ongoing efforts to reduce the number of unbanked in the country. 

“Last October, in partnership with the CFE Fund, I urged every bank in the country to offer a Bank On certified account to help demonstrate our industry’s strong commitment to financial inclusion. Since then, the number of banks offering Bank On certified accounts has doubled to more than 80, with a growing list of banks lined up for certifications in the future. I’m pleased to see that 40% of the nation’s bank branches now provide access to a Bank On certified account. I’m confident that number will continue to rise as banks of all sizes see the success of these accounts in reaching the unbanked and putting them on a solid path to economic opportunities.

“ABA looks forward to doing all we can to continue to support the Bank On movement and make sure everyone in the country can enjoy the many benefits that come with a bank account. “

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