New Products That Meet National Standards

New Products That Meet National Standards

Bank On South Alabama Announces Three Newly Certified Products that Meet National Account Standards

Bank On South Alabama (BOSA) is excited to announce that three of its partner financial institutions, Iberia Bank, The First, and Wells Fargo Bank have officially received certification for accounts that meet the Bank On National Account Standards (NAS). The Standards, created by the national nonprofit Cities for Financial Empowerment Fund (CFE Fund), include features that address cost, functionality, and consumer safety. In Southwest Alabama, 35% of households* are unbanked or underbanked, and they often rely on costly alternative financial services like check cashers, payday lenders, and pawn shops for routine financial transactions.
 
For these community members, a basic transaction account is an important first step in participating in the financial mainstream, depositing earnings securely, paying bills efficiently, accessing credit, and saving for emergencies and the future. NAS-certified accounts are affordable at $5 or less per month. These accounts allow free deposits, free withdrawals, and free bill payments. And NAS accounts do not allow overdraft or nonsufficient fund fees.
*source: Prosperity Now
 

Iberia Bank

Explore a world of new possibilities with ABILITY BANKING. A simple, affordable account designed to help you safely manage your hard-earned money.
 
Featured in the photo L to R: Katherine Pitman, BOSA; Virginia Knight, Iberia Bank; I-Hsing Sun, CFE Fund; and Paige Diner, CFE Fund.
 

The First (A National Banking Association)

FIRST AID CHECKING allows individuals who have been locked out of mainstream banking, the opportunity to start fresh with clear and affordable options.
 
Featured in the photo L to R: Paige Diner, CFE Fund; Katherine Pitman, BOSA; Ira Bates, The First; Andy Younce, The First; and I-Hsing Sun, CFE Fund.
 

Wells Fargo Bank

Whether you’re looking for another option to manage your money or just want a convenient and simple way to make purchases and pay bills, the Wells Fargo EASYPAY CARD is an ideal solution.
 
Featured in the photo L to R: Katherine Pitman, BOSA; Brian Murphy, Wells Fargo Bank; Paige Diner, CFE Fund; and I-Hsing Sun, CFE Fund.

 

SAVE THE DATE!

All community organizations and/or nonprofits are invited to learn more about the National Account Standards (NAS) and how they can help you assist your clients with moving from the insecurity of being unbanked and underbanked and into the financial mainstream with a NAS-certified product.
 
September 12, 2018
 
8:30 a.m. – West Regional Library, Mobile
or
2:00 p.m. – United Way of Baldwin County
 
For more information please call Katherine Pitman at 251-431-0115.
 

WHAT IS THE CFE FUND?

The CFE Fund leads the national Bank On movement, supporting city coalitions that are working to connect individuals and families to the financial mainstream through partnerships between local governments, financial institutions, and community organizations. The goal of CFE Fund is to ensure that everyone has access to safe and affordable financial products and services.

In late 2017, BOSA and the United Way of Southwest Alabama were awarded one of five two-year Fellowship grants from the CFE Fund. This grant provides resources to employ a full-time Fellow, and Katherine Pitman now leads the BOSA efforts to provide access to safe and affordable checking accounts throughout Southwest Alabama.

In early July 2018, BOSA hosted I-Hsing Sun, Chief Program Officer, and Paige Diner, Associate, from the CFE Fund here in Mobile. This visit was a great opportunity for our colleagues from New York to meet with our NAS-certified financial institution partners, potential program partners, and BOSA’s Steering Committee.

For more information click here.


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