Tuesday Topic: Bank On Movement

Barb, it's a fair question. I looked at the account features when the program was first announced and my conclusion was that we basically already provide those features in our simple checking account. If the customer agreed to a checkless account, then we would meet all of the features of Bank On accounts except that we continue to use a third party service to screen new accounts. We could do a better job of marketing to the unbanked. 

Perhaps the reference to a movement (Bank On Movement) creates some reluctance to participate.

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John Tyson
CFO/SVP
Altamaha Bank & Trust Company
Vidalia, GA
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Original Message:
Sent: 08-30-2021 13:26
From: Barb Rehm
Subject: Tuesday Topic: Bank On Movement

As the saying goes, the best defense is a good offense and the ABA's Bank On Movement strikes me as a brilliant way to show skeptics the industry is serious about banking everyone. This is not a new program, but it is timely given the rise in political pressure on banks. Bank On accounts are low-cost, basic accounts that meet standards created by the Cities for Financial Empowerment Fund. According to the ABA, roughly 70 banks offer Bank On accounts. As the ABA sees it, by signing up "your bank will demonstrate your commitment to financial inclusion, while also adding new customers in the process."

So, my question is this: why have so few banks signed up? Do you agree these accounts are a smart way to blunt criticism that banks aren't inclusive enough? If your bank wants to sign up, click here.

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Barb Rehm
Senior Managing Director
IntraFi Network
Arlington VA
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