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ESL Federal Credit Union announces that its ESL Simple Spending Account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 – 2022). 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 ESL Simple Spending Account include the monthly cost of only $3, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance through the National Credit Union Administration. The ESL Simple Spending Account certification of meeting Bank On National Account Standards comes shortly after the financial institution reduced all overdraft fees to $5 in November 2021.
“An affordable, reliable and safe checking account is the cornerstone to living a financially healthy life,” said Caytie Bowser, vice president/director, product management and development, ESL Federal Credit Union. “Through our Purpose to help our community thrive and prosper, it is of the utmost importance to ESL that our members have access to the financial products and services that allow them to meet their financial needs and ultimately achieve their goals. The ESL Simple Spending Account is a certified example of providing such a product to our members.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to ESL Federal Credit Union for its ESL Simple Spending Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “The ESL Simple Spending Account offers Greater Rochester residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product– this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely. This offering from ESL 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.
The ESL Simple Spending Account is available at all 23 ESL branches and can also be opened online. Additionally, there are over 160 other Bank On certified accounts available at financial institutions across the country. With this announcement, ESL becomes the first financial institution headquartered in Rochester to achieve this certification.
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 Bank On-certified 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 90 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.