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Popular Bank’s Easy Access Checking Receives Certification by Banking Advocates as a Safe, Affordable Account
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Popular Bank's Easy Access Checking has been certified by the Cities for Financial Empowerment Fund, meeting the Bank On National Account Standards. This certification highlights the account's commitment to financial inclusion and offers low monthly costs ($3-$5), no low balance fees, and essential transaction capabilities. Launched in Florida and New Jersey, it will be available in New York starting January 15, 2022. This initiative supports unbanked consumers by providing safe and affordable banking options, reinforcing Popular Bank's mission of community investment.
Positive
Certification of Easy Access Checking enhances Popular Bank's reputation in financial inclusion.
Low monthly fees ($3 to $5) and no low balance fees attract new customers.
Launch in New York scheduled for January 15, 2022, expands market reach.
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Popular Easy Access Checking has been certified as meeting the Bank On National Account Standards for safe and affordable consumer transaction accounts as defined by the Cities for Financial Empowerment Fund.
NEW YORK--(BUSINESS WIRE)--
Popular Bank, a subsidiary of Popular, Inc. (NASDAQ: BPOP) announced that its consumer Popular Easy Access Checking was officially certified by the national nonprofit Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 - 2022). Bank On-certified accounts, created by the CFE Fund, promote financial inclusion for the underbanked and unbanked consumers through standard account features that ensure low cost while offering robust transaction capabilities.
Key features of Popular Easy Access Checking include a low monthly cost (ranging from $3 to $5), low minimum opening deposit requirements, no low balance fees, and the ability to pay bills and make purchases. Launched in Florida on November 20 and in New Jersey on December 4, Easy Access Checking will launch in New York on January 15, 2022, thus allowing consumers the ability to open the account at any of the 39 Popular Bank branches.
“The mission of financial inclusion and equal access to banking services closely aligns with the core values of our organization,” said Manuel Chinea, Chief Operating Officer at Popular Bank. “Since our inception nearly 130 years ago, we have been committed to being there for our communities and as a Minority Depository Institution we are keenly aware of the disparities in access to financial services. Our Bank On certification is another step to help reduce those disparities.”
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.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Popular Bank’s Easy Access Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Popular Easy Access Checking offers residents in South Florida and the New York Metro area who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product. Popular Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis shows that Bank On certified accounts are meeting consumers’ needs. Approximately 85% of those accounts are opened by consumers new to the financial institutions.
Popular Bank is an FDIC-insured Minority Depository Institution (MDI), committed to investing into the communities by improving access to financial services. Learn more about Popular Easy Access Checking on popularbank.com.
About Popular Bank
Popular Bank is the mainland subsidiary of Popular, Inc. (Nasdaq: BPOP), which ranks among the top 50 U.S. banks by assets. Popular, Inc. brings more than 127 years of success in banking, driven by integrity and values. Popular Bank leverages its financial expertise to enable customers to focus on what matters most. Leveraging its institutional depth, Popular Bank works side-by-side with business and retail customers delivering competitive business and retail offerings including Retail and Private Banking, Commercial Lending, Mortgage Services, Association Lending, Healthcare Financing, and Middle Market banking. Popular Bank has branches in New York, New Jersey, and Florida, and provides 24/7 digital banking solutions and access to 55,000 ATMs through the Allpoint network.1
1Popular Bank and its affiliates are not affiliated with ATM National, LLC. Allpoint is a registered Trademark of ATM National, LLC.
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 $55 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.
Media Contact:
Alex Moncion, Corporate Communications Officer
Popular Bank amoncion@popular.com
Source: Popular, Inc.
FAQ
What is the significance of the Bank On certification for BPOP?
The Bank On certification indicates that Popular Bank's Easy Access Checking meets national standards for affordable banking services, promoting financial inclusion.
What features does the Easy Access Checking account from BPOP offer?
Features include low monthly fees between $3 and $5, no low balance fees, and robust transaction capabilities.
When will BPOP launch Easy Access Checking in New York?
Easy Access Checking will launch in New York on January 15, 2022.
How does Easy Access Checking benefit unbanked consumers?
It provides a safe, low-cost banking option, making financial services more accessible.
What areas have already launched the Easy Access Checking account?
The account has launched in Florida and New Jersey before its New York introduction.
