SHEFFIELD — Bank Independent’s Value Account has been officially certified by the national Cities for Financial Empowerment Fund as meeting the Bank On National Account Standards for 2023-24.
“We are proud to be part of the Bank On program and are very excited to be able to offer our customers a low-cost, consumer-friendly product that instills confidence in managing their account and gives them the ability to avoid overdraft fees,” said Bank Independent Chief Operating Officer Stacy Suggs. “Our mission is to make a positive difference in people’s life and one way we do this is by providing quality products at a fair price.”
A Value Account is the total dollar worth of all the holdings of an account in which the cash value is the total amount of liquid cash in the account, available for immediate withdrawal.
The national safe account standards designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Bank Independent’s Value Account,” said Jonathan Mintz, president and CEO of the CFE fund. “The Value Account offers North Alabama residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money.
“Bank Independent’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
Bank On’s goal 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 CFE fund’s Bank On NAS certification of the Value Account indicates that it meets more than 25 features for safe and affordable consumer transaction accounts.
Key features of the Value Account include a low monthly cost, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance.
The CFE Fund leads the national Bank On movement, supporting almost 100 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations.
Bank On coalitions are locally led partnerships among public officials, government agencies, financial institutions, and community organizations that work together to help improve the financial stability of people who don’t have banks.
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