NBT Bank Launches New NBT iSelect Account Certified by Banking Advocates as Safe, Affordable

Rhea-AI Summary

On January 12, 2022, NBT Bank announced the launch of the NBT iSelect Account, designed to enhance financial accessibility. This account has been certified by the Cities for Financial Empowerment Fund under the Bank On National Account Standards. It features no monthly fees, no overdraft charges, and no minimum balance requirements, making it ideal for the unbanked and underbanked. NBT Bank aims to support customers' financial health with transparent and affordable services. The bank holds assets of $12 billion and operates across seven states.

Positive

• No monthly fees, inactivity fees, or minimum balance requirements.
• Certified by the Cities for Financial Empowerment Fund, enhancing reputation.
• Targeted towards unbanked and underbanked individuals, expanding customer base.

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• None.

NORWICH, N.Y., Jan. 12, 2022 (GLOBE NEWSWIRE) -- NBT Bank is now offering the NBT iSelect Account, certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021-2022).

“As a community bank focused on supporting the financial health of current and future customers, we’re proud to offer this new NBT iSelect Account for those in need of accessible and affordable ways to conduct banking,” said President & CEO John H. Watt, Jr. “Our NBT iSelect Account offers a trusted, transparent banking solution with numerous no fee banking benefits to help customers control their finances quickly and easily, without worrying over low monthly balances or unexpected service charges.”

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to NBT Bank‘s NBT iSelect Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “The NBT iSelect Account offers residents throughout the Northeast who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product—this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely. NBT Bank‘s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”

In addition to no monthly charges for maintenance, inactivity or dormancy, no overdraft fees and no minimum balance requirement, the NBT iSelect Account is an ideal choice for those who have no banking history or are struggling to maintain a checking account. NBT iSelect Account holders will also have access to an NBT Bank debit card and digital banking services.

To learn more about our NBT iSelect Account, visit www.nbtbank.com.

About NBT Bank
NBT Bank offers personal banking, business banking and wealth management services from locations in seven states, including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. The bank and its parent company, NBT Bancorp, are headquartered in Norwich, NY. NBT Bancorp had assets of $12 billion as of September 30, 2021, and is traded on the Nasdaq Global Select Market under the symbol NBTB. More information about NBT is available online at www.nbtbank.com. Member FDIC.

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 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. More information is available online at www.cfefund.org/bankon or by following the conversation on Twitter @CFEFund #BankOn.

Contact:

Florence Doller SVP and Director of Corporate Communications 607.337.6118 / fdoller@nbtbank.com

FAQ

What is the NBT iSelect Account?

The NBT iSelect Account is a banking product offered by NBT Bank with no monthly fees or minimum balance requirements, aimed at providing accessible banking solutions.

Why was the NBT iSelect Account certified?

The account was certified by the Cities for Financial Empowerment Fund as it meets the Bank On National Account Standards, ensuring it is accessible and affordable.

What are the key features of the NBT iSelect Account?

Key features include no monthly maintenance fees, no overdraft fees, and no minimum balance requirements, making it suitable for individuals with limited banking history.

When was the NBT iSelect Account launched?

The NBT iSelect Account was launched on January 12, 2022.

How does the NBT iSelect Account help unbanked individuals?

By offering no fees and no minimum balance requirements, the NBT iSelect Account provides an accessible banking option for unbanked individuals to manage their finances.