PEOPLES BANK’S TRUE BLUE CHECKING ACCOUNT RECEIVES NATIONAL CERTIFICATION BY BANKING ADVOCATES AS SAFE, AFFORDABLE ACCOUNT
The Cities for Financial Empowerment Fund’s Bank On National Account Standards Certification of True Blue Checking indicates that it meets over 25 features for safe and affordable consumer transaction accounts.
Today, Peoples Bank announced that its True Blue Checking 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 True Blue checking include a monthly cost of only $2.00 (waived for accounts receiving e-statements), no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. True Blue Checking is available in every one of Peoples Bank’s five branches across central Mississippi.
Dennis Ammann, President and CEO states, “Creating an account that truly helps a community was our main concern here. We believe that our True Blue Checking Account will shelter customers from accruing NSF fees that can become overwhelming. We hope this account can relieve the burden for many people in or community.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Peoples Bank’s True Blue Checking account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “True Blue Checking offers central Mississippi 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. Peoples Bank’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.
Peoples Bank’s True Blue Checking account is available at all five branches in central Mississippi. With the addition of the True Blue Checking accounts that meet Bank On National Account Standards are now available at over 39,000 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 True Blue, there are over 200 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 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, or follow the conversation on Twitter @CFEfund #BankOn.
About Peoples Bank
Peoples Bank is a community bank located in central Mississippi. Founded in 1908, the bank currently operates 5 offices with locations in Collins, Magee, Mendenhall and Richland with an asset size of $430 Million. In addition to a full-service bank, Peoples Bank offers extensive knowledge in SBA lending. This award-winning department competes on a national level year after year. Peoples Bank’s mission is to make each community served better by providing superior and responsible financial products, design services that increase economic opportunity, create financial stability, and improve the quality of life for the people and businesses in each community.
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 $59 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
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 over 90 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, or follow the conversation on Twitter @CFEFund #BankOn.