Penn Community Bank’s new Access Checking Account has been officially certified by the national Cities for Financial Empowerment (CFE) Fund.
The recognition results from its adherence to Bank On National Account Standards (2021–2022). These safe account analytics were created in a collaboration of consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions. The measurements are designed to cite financial products that ensure low cost, high functionality, and consumer safety.
Key features of Penn Community Bank’s Access Checking Account include:
- A low monthly fee that is waivable with just $500 in monthly direct deposits
- No overdraft or nonsufficient funds transactions or fees
- Free debit card with purchase rewards
- Free online and mobile banking
- Free bill pay and Zelle digital payment capability
- Up to four free money orders per month
As with other checking product options, Access Checking is covered by standard federal deposit insurance.
Access Checking Accounts can be opened at any of Penn Community Bank’s branches across Bucks, Montgomery, and Lehigh counties.
Bank On and the CFE Fund
The goal of Bank On is to ensure that all consumers have 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.
“At Penn Community we’re committed to offering the tools and products individuals and families need to grow — that includes our new Access Checking Account,” said Bernard Tynes, Director of Marketing of Penn Community Bank.
“We’re proud to join the FDIC and ABA-backed Bank On movement, and not only offer a product that can benefit unbanked and underbanked consumers in our region — and that aligns with our community focus — but also positions us to be a local leader in this important national effort.”
The Cities for Financial Empowerment (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 [CFE] Fund is delighted to award its national Bank On account certification to Penn Community Bank’s Access Checking Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund.
“Access Checking offers southeastern Pennsylvania residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product — this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely. Penn Community Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them,” Mintz concluded.
Reach and Usage
With the addition of Penn Community Bank’s Access Checking product, accounts that meet Bank On National Account Standards are now available at over 39,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56 percent of the national deposit market share.
In addition to Access Checking, there are over 200 other Bank On certified accounts available at financial institutions across the country.
Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs. Since their offering, millions of consumers have opened Bank On certified accounts, with approximately 85 percent of them opened by consumers new to the financial institutions.
About Penn Community Bank
Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking, lending, and investments at 20+ bank branches and three administrative centers throughout Bucks and Montgomery counties. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.