The Kentucky Financial Empowerment Commission, in collaboration with the Cities for Financial Empowerment Fund, is thrilled to announce the re-launch of the Bank On Kentucky Coalition. This dynamic initiative aims to foster greater financial inclusion and accessibility by strengthening partnerships with local communities and financial institutions. This statewide partnership is dedicated to expanding bank accessibility and accounts for both individuals and businesses across the Commonwealth. According to the Federal Deposit Insurance Corporation’s How America Banks Survey, nearly eight percent of Kentuckians remain unbanked, which is higher than the national average of six percent.

What is Bank On and National Account Standard Certification? The goal of Bank On is to ensure that all residents have access to a safe, affordable bank or credit union account. Bank On partners are committed to helping consumers identify and enroll in safe, low-cost transactional products that meet Bank On National Account Standards. These Standards, put out every two years by the Cities for Financial Empowerment Fund, serve as the basis for free and independent certification evaluation. They address basic account costs, functionality, and consumer protection. Transaction accounts certified as meeting the Bank On National Account Standards are already available in tens of thousands of branches across the country, connecting thousands of consumers to safe financial products that meet their needs.

Top 3 Benefits for Financial Institutions Offering Certified Bank On Accounts:

Community Opportunities
• Public recognition both locally and nationally highlighting your product
• Eligibility for local programs to rely upon certification to connect your account to consumers
• National Bank On certification seal of approval for marketing outlets

Sustainable Consumer Base
• Reach new customers in your community who are un- and underbanked and bring them into the financial mainstream
• Deliver a product with features that are in demand
• Sell your product through public and community banking access programming

Community Reinvestment Act (CRA) Credit Products certified as meeting Bank On National Account Standards support Community Reinvestment Act “service test” examinations.
The most recent CRA Q&A highlights the following activities as supportive of the various regulatory evaluations by examiners: • The availability of low-cost deposit accounts, including checking accounts tailored to meet the needs of low- and middle- income (LMI) geographies • The extent to which a low-cost checking account increases access by, or reduces costs for, LMI individuals • The degree to which services are tailored to meet the needs of geographies of different income levels, particularly LMI geographies.