Stanford FCU is proud to be a part of the Bank On coalition.

Bank On is a national platform for the 501(c)3 corporation Cities for Financial Empowerment (CFE) Fund. Bank On supports financial institutions in providing safe and affordable bank or credit union accounts for everyone.

According to Bank On, nearly 4.5% of U.S. households don’t have a checking or savings account. That’s approximately 5.9 million U.S. adults! Reasons for not having a basic account could include a lack of trust in financial institutions, higher fees, not enough money for the minimum balance, or problems with identification or credit history.

Without a bank or credit union account, many “unbanked” Americans turn to alternative financial services, such as check cashers or pawn shops, often paying exorbitant fees in the process. By choosing not to put money into a stable financial institution with minimal fees, “unbanked” individuals have a harder time building wealth and economic stability. They’re also more likely to be victims of crime, since many keep significant amounts of cash on hand.

In order to prevent this, the CFE Fund and Bank On work with financial institutions to promote and encourage the availability of more low cost or free accounts.

In order to be part of the Bank On coalition, financial institutions must adhere to a set of National Account Standardsopens PDF file . These standards are basic requirements to ensure consumers have access to safe and affordable accounts.