Main Street Bank’s BankOn Main Street Checking Receives National Certification by Banking Advocates as Safe, Affordable Account
The Cities for Financial Empowerment Fund’s Bank On National Account Standards Certification of the BankOn Main Street Checking indicates that it meets over 25 features for safe and affordable consumer transaction accounts.
MAY 6, 2024, MASSACHUSETTS – Main Street Bank announced that its new BankOn Main Street Checking account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2023 – 2024). 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 BankOn Main Street Checking include: no monthly maintenance fees or minimum balance requirement, no overdraft or insufficient fund fees, the ability to pay bills and make purchases, and 100% deposit insurance through the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). BankOn Main Street Checking is available at all of Main Street Bank’s branch locations across Massachusetts and online account opening through the Bank’s website.
“Our purpose as a mutual bank is to provide access to financial resources, including bank accounts, services, and financial education,” Walter Dwyer, Chief Executive Officer of Main Street Bank shared. “Offering the BankOn Main Street account is the right thing to do for the people of our community, and we’re proud to be among the financial institutions looking out for the wellbeing of those who need it most.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Main Street Bank‘s BankOn Main Street Checking account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “BankOn Main Street Checking offers Massachusetts residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Main Street 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.
Main Street Bank’s BankOn Main Street Checking is available at all branch locations in Massachusetts and online account opening through the Bank’s website. With the addition of the BankOn Main Street Checking, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise two-thirds of the national deposit market share. In addition to BankOn Main Street Checking, there are close to 450 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 100 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 X/Twitter @CFEfund #BankOn.
About Main Street Bank
Main Street Bank is a locally run, independent mutual savings institution serving Massachusetts and Southern New Hampshire. They are united under a culture that strives every day to contribute to local communities by providing customer-focused, innovative products and services for businesses, individuals, families, and community organizations since 1860, with particular attention to financial wellbeing and education. With branch offices in the MetroWest and North Middlesex region of Massachusetts, Main Street Bank provides an extensive array of financial services and products for all personal and business life stages.
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 $64 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on X/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 almost 100 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 X/Twitter @CFEFund #BankOn.