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City creates blueprint for CityStart project, gives launch date
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Warren calls for overdraft fee crackdown after blasting Dimon
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Horizon Bank s Fresh Start Checking has received accreditation from the Cities for Financial Empowerment organization. The accreditation serves as a recommendation for community nonprofits to refer unbanked community members to the checking account.
The Michigan City-based bank s Fresh Start account has no minimum balance requirement, unlimited check writing, federal deposit insurance and a cost of $5 a month.
It was found to meet national standards that were crafted with the help of consumer advocates, civic leaders and nonprofits.
The goal of the national Bank On initiative is to help people, particularly of lower socioeconomic status, gain access to safe and affordable financial products and services. Bank On national account standards are meant for community service coalitions and nonprofits to use to identify bank or credit union accounts they can refer clients to.Â
New Yorkers like mobile banking but have security concerns: study
New Yorkers like their smartphones and do not mind using them for banking, a study by the Department of Consumer Affairs (DCA) reveals.
Virtually all (96 percent) of New Yorkers own a cellphone, with most of them (80 percent) being smartphones. That trumps the respective national averages of 87 and 71 percent. The underbanked, young (18-29), wealthy and people who moved to New York from other countries exhibit especially high smartphone usage.
The DCA partnered with the Cities for Financial Empowerment Fund (CFE Fund), Capital One and the MetLife Foundation to to look at all aspects of how mobile usage can improve financial inclusion.
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