1st Security Bank Announces That Its 1st Step Checking Account Has Been Bank On Certified By The Cities For Financial Empowerment

Rhea-AI Summary

1st Security Bank has received certification for its 1st Step Checking account from the national Cities for Financial Empowerment Fund (CFE Fund), confirming compliance with the Bank On National Account Standards for 2021-2022. This certification highlights the account's affordability and safety, aimed at enhancing access to banking for the unbanked and underbanked in the Puget Sound region. The Bank's commitment to providing valuable financial products is evident through this partnership, which fosters better financial stability for local communities.

Positive

• Certification of the 1st Step Checking account by CFE Fund enhances the bank's credibility.
• Recognition aligns with efforts to improve financial access for underserved communities.

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• None.

MOUNTLAKE TERRACE, Wash., Aug. 23, 2021 /PRNewswire/ -- 1st Security Bank (the Bank) is pleased to announce that its 1st Step Checking account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 - 2022). 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.

"The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to 1st Security Bank's 1st Step Checking account," said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. "1st Security Bank offers Puget Sound region residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product. 1st Security'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 by connecting consumers to accounts that meet their needs. "We are proud to partner with the Bank On program, and to be able to provide this account option to the communities we serve," said Deanne Goff, Senior Vice President of Retail Operations and Support for the Bank.

ABOUT 1ST SECURITY BANK OF WASHINGTON
1st Security Bank of Washington, member FDIC and Equal Housing Lender, provides loan and deposit services to customers at its twenty-one branches, and mortgage services at each branch as well as lending offices in the greater Puget Sound area and the Tri-Cities. FS Bancorp, Inc., a Washington corporation, is the holding company for the Bank.

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 $52 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 85 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
Donna Jacobson
VP, Director of Marketing
E: donna.jacobson@fsbwa.com

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SOURCE 1st Security Bank

FAQ

What does the certification from CFE Fund mean for 1st Security Bank's 1st Step Checking account?

The certification signifies that the account meets the Bank On National Account Standards, ensuring it is safe, affordable, and functional for consumers.

When did 1st Security Bank announce the certification of its checking account?

The announcement was made on August 23, 2021.

What is the purpose of the Bank On initiative related to 1st Security Bank?

The Bank On initiative aims to provide safe and affordable financial products, connecting consumers with essential banking services.

How does the certification affect the financial stability of consumers?

The certification helps improve access to essential banking services for unbanked and underbanked individuals, promoting greater financial stability.

Is 1st Security Bank a member of the FDIC?

Yes, 1st Security Bank is a member of the FDIC, ensuring deposit insurance for its customers.