TSB Receives National Certification Banking Advocates with Safe, Affordable Account
Torrington Savings Bank announced that its BankRight Checking account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 – 2022). The national safe account Standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.
The goal of the Bank On initiative 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.
Key features of TSB’s BankRight Checking include a low monthly cost of $5.00, no overdraft or nonsufficient fund fees, the ability to pay bills on-line, make purchases with a debit card, and federal deposit insurance. BankRight is available in any of TSB’s eight branches across Litchfield & Hartford counties.
Lesa Vanotti, President and CEO of Torrington Savings Bank stated, “TSB is proud to join with other financial institutions across the State and Nation in offering a product specifically targeted towards consumers looking for a safe and simplified banking relationship. We look forward to assisting customers who may be new to a banking relationship start their financial journey.“
The CFE Fund leads the national Bank On movement, supporting almost 100 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Torrington Savings Bank‘s BankRight Checking account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “BankRight offers Connecticut residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Torrington Savings Bank‘s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
To learn more about BankRight Checking visit www.TorringtonSavings.Bank/BankRight
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 $59 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.
Posted on: Monday January 30, 2023View All TSB News