Bank On-certified accounts: a safe, affordable banking option
If you’ve been managing your money without the benefit of a traditional bank account, a Bank On-certified account may be right for you. These accounts offer greater security, convenience and affordability than non-traditional money sources, like check cashing services or payday lenders, and are available at an increasing number of banks and credit unions.
They are also a great option for those who are looking to establish or re-establish an account with a bank for a future with better financial stability.
Is a Bank On account right for me?
A Bank On-certified account is ideal for a variety of people and their needs, including:
- Someone new to banking, like a teen or young adult just starting out on their own
- Someone who may have relied on non-traditional money sources in lieu of a traditional bank
- Someone restarting their financial journey who might find it difficult to qualify for other accounts, whether due to high minimum balance requirements, monthly fees or a less-than-perfect banking history.
- Anyone who prefers a streamlined, low-cost account option
What is Bank On certification?
The Bank On movement began in 2019 to remove barriers to financial inclusion and provide access to those consumers considered “unbanked,” helping them identify safe and affordable bank accounts that meet their needs. To be certified, these accounts must meet the National Account Standards set by Cities for Financial Empowerment Fund, a national nonprofit that aims to improve financial stability.
As bankers and customers have realized the benefits, Bank On accounts have grown in popularity, with consumer advocates and financial counselors often recommending these accounts to their clients and communities.
When an account is Bank On certified, customers are assured a lower cost solution with convenient tools to help them handle their money. For some, it’s a “second chance,” for others it’s simply a streamlined, more affordable option with low required minimums and fees, and immediate availability of funds from government or payroll checks.
Many Bank On-certified accounts offer only debit cards and no paper checks, affording people the convenience of a traditional account while eliminating the risk of overdrafts.
Foundation Checking: one more way Umpqua Bank supports its communities
Umpqua Bank is proud to offer its Bank On-certified Foundation Checking account. This basic account is easy to qualify for and easy to manage, and features:
- Low $25 minimum opening balance
- No ongoing minimum balance requirement
- Low $3 monthly maintenance fee
- Online and mobile banking
- Mobile deposit
- Bill pay
- Online budgeting tools to help create healthy spending and saving habits
To open a new Foundation Checking account or to learn more, visit the Foundation Checking account.