Popular Bank, a subsidiary of Popular, Inc. (NASDAQ: BPOP) announced that its consumer Popular Easy Access Checking was officially certified by the national nonprofit Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 – 2022). Bank On-certified accounts, created by the CFE Fund, promote financial inclusion for the underbanked and unbanked consumers through standard account features that ensure low cost while offering robust transaction capabilities.
Key features of Popular Easy Access Checking include a low monthly cost (ranging from $3 to $5), low minimum opening deposit requirements, no low balance fees, and the ability to pay bills and make purchases. Launched in Florida on November 20 and in New Jersey on December 4, Easy Access Checking will launch in New York on January 15, 2022, thus allowing consumers the ability to open the account at any of the 39 Popular Bank branches.
“The mission of financial inclusion and equal access to banking services closely aligns with the core values of our organization,” said Manuel Chinea, Chief Operating Officer at Popular Bank. “Since our inception nearly 130 years ago, we have been committed to being there for our communities and as a Minority Depository Institution we are keenly aware of the disparities in access to financial services. Our Bank On certification is another step to help reduce those disparities.”
The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Popular Bank’s Easy Access Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Popular Easy Access Checking offers residents in South Florida and the New York Metro area who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product. Popular Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis shows that Bank On certified accounts are meeting consumers’ needs. Approximately 85% of those accounts are opened by consumers new to the financial institutions.
Popular Bank is an FDIC-insured Minority Depository Institution (MDI), committed to investing into the communities by improving access to financial services. Learn more about Popular Easy Access Checking on popularbank.com.
About Popular Bank
Popular Bank is the mainland subsidiary of Popular, Inc. (Nasdaq: BPOP), which ranks among the top 50 U.S. banks by assets. Popular, Inc. brings more than 127 years of success in banking, driven by integrity and values. Popular Bank leverages its financial expertise to enable customers to focus on what matters most. Leveraging its institutional depth, Popular Bank works side-by-side with business and retail customers delivering competitive business and retail offerings including Retail and Private Banking, Commercial Lending, Mortgage Services, Association Lending, Healthcare Financing, and Middle Market banking. Popular Bank has branches in New York, New Jersey, and Florida, and provides 24/7 digital banking solutions and access to 55,000 ATMs through the Allpoint network.1
To learn more, visit PopularBank.com or call 1-800-377-0800. Find out more about Popular Bank’s commitment to community service at PopularBank.com/About-us/.
1Popular Bank and its affiliates are not affiliated with ATM National, LLC. Allpoint is a registered Trademark of ATM National, LLC.
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 90 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.
Alex Moncion, Corporate Communications Officer