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
Private Money And Central Bank Money As Payments Go Digital: An Update On CBDCs, Federal Reserve Governor Lael Brainard At The Consensus By Coindesk 2021 Conference, Washington, D.C. (Via Webcast) Date
24/05/2021
Technology is driving dramatic change in the U.S. payments system, which is a vital infrastructure that touches everyone.1 The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the U.S. payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs. As Chair Powell discussed last week, an important early step on public engagement is a plan to publish a discussion paper this summer to lay out the Federal Reserve Board s current thinking on digital payment
Source: US State of New York Federal Reserve
Technology is driving dramatic change in the U.S. payments system, which is a vital infrastructure that touches everyone.1 The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the U.S. payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs. As Chair Powell discussed last week, an important early step on public engagement is a plan to publish a discussion paper this summer to lay out the Federal Reserve Board’s current thinking on digital payments, with a particular focus on the benefits and risks associated with CBDC in the U.S. context.2
Stacy M. Brown | 5/14/2021, 6 a.m. Kylie Delgado, Program Manager Bank On Maryland Courtesy Photo
The CASH Campaign of Marylandâs âBank On Marylandâ is helping the unbanked and low-to-moderate income residents of the state take advantage of receiving their unemployment benefit payments by direct deposit.
For those interested in the program, which works with the Maryland Department of Labor to help recipients receive payments quickly and safely, a deadline of May 24, 2021 exists if individuals want direct deposit.
âWhat we want to do is get the word out, so that individuals know that there is this huge transition from the use of prepaid cards, which has been the primary way that the Department of Labor has provided unemployment insurance benefits in the past,â said Kylie Delgado, Bank On Maryland Program Manager. âWeâre encouraging individuals to be aware that this is coming and then to make a decision to go the direct deposit
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April 29, 2021
Newtown Savings Bank announced its partnership today with Bank On Connecticut and the Cities For Financial Empowerment Fund (CFE Fund) in their statewide effort to promote safe and affordable Bank On certified accounts. Bank On Connecticut is one of close to ninety Bank On coalitions across the country working to connect the unbanked and underbanked population to the mainstream banking system by partnering with financial institutions to provide Bank On certified accounts. The CFE Fund s Bank On National Account Standards identify critical product features for safe and affordable banking accounts, making it easier for local coalitions across the country to connect people to accounts that meet their needs.