National certification of Simplified access says it meets over 25 features for safe and affordable consumer transaction accounts
Today, Bank On Louisville announced that Republic Bank’s Simple Access account has been officially certified by the National Cities for Financial Empowerment Fund (CFE Fund) as responding to Bank on National Accounts Standards (2021 – 2022). The National Secure Account Standards, co-created by consumer advocates, leading national nonprofits, civic leaders, and other financial institutions, identify both essential and highly recommended features that guarantee low cost, high functionality and consumer safety. Bank On Louisville works with financial institutions, community organizations, local government leaders and federal regulators to connect Louisville residents to safe, affordable and productive bank accounts. With Simple Access account certification, there are now 10 financial institutions offering certified accounts in the Louisville area.
“We are thrilled to have Republic Bank and the Simple Access account in the Bank On Louisville Coalition,” said Erin Waddell, Co-Chair of Bank On Louisville. “The Republic Bank account adds an additional opportunity for our Louisville residents to connect to safe and affordable banking services and supports our financial inclusion efforts.”
The Simple Access account has no minimum balance, no overdraft or insufficient funds fees, and a Mastercard™ debit card and access to over 90,000 ATMs at no cost. Customers can apply for the account at any Republic banking center, online or on mobile in as little as 10 minutes. Through the Bank’s free online and mobile banking platforms, customers can view account balances and monthly statements, pay bills, make mobile check deposits and find the nearest toll-free ATM. Additionally, Simple Access customers can access funds from their direct deposits up to two business days earlier with Early Direct Deposit (ACH).
“We appreciate the work done by the CFE Fund and their certification of our new Simple Access checking account as meeting Bank On standards,” said Logan Pichel, President and CEO of Republic Bank. “Through its past leadership in Bank On programs, Republic Bank has always been focused on providing our communities with increased access to the financial resources and support they need to thrive.”
“Bank On Louisville is doing essential work to help Louisville residents get into the financial mainstream,” said David Rothstein, senior director of the Cities for Financial Empowerment Fund. “We are thrilled to bring our National Bank On certification to the Easy Access account, an affordable account with no overdrafts or insufficient funds fees. Republic Bank’s offering of this great account puts them at the forefront of national access to banking efforts, and we thank them.
Bank On’s goal is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account standards identify essential product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to the accounts that meet their needs.
With the addition of the Simple Access account which meets Bank On National Account standards, it is now available at more than 39,540 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already account for more than 56% of the national deposit market share. In addition to Simple Access, over 230 other Bank On certified accounts are available across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis via Bank On’s national reporting platform shows that these accounts meet the needs of consumers; since their offer, millions of consumers have opened Bank On certified accounts, of which more than 80% opened by consumers who discover the financial institution.
The CFE Fund leads the national Bank On movement, supporting nearly 100 local and state coalitions across the country working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions and organizations. community. To learn more about Bank On and the National Accounts Standards, click here or follow the conversation on Twitter @CFEfund #BankOn.
About Bank On Louisville
Launched in 2010, Bank On Louisville is a collaborative partnership of local government, financial institutions, and community organizations working to improve the financial stability of unbanked and underbanked residents of our Louisville community. To date, Bank On Louisville has helped over 50,000 residents access safe and affordable bank accounts and connected over 26,000 residents with quality financial education. Visit www.bankonlouisville.org for more information.
About the Bank of the Republic
Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 42 full-service banking centers in five states: 28 banking centers in 8 Kentucky communities – Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, New Port Richey, St. Petersburg, Seminole, Tampa and Temple Terrace; two banking centers in two communities in Tennessee (Nashville MSA) – Cool Springs and Green Hills; and two banking centers in two Ohio communities (Cincinnati MSA) – Norwood and West Chester. The Bank offers Internet banking services at www.republicbank.com. The company has approximately $6.3 billion in assets and is headquartered in Louisville, Kentucky. The Company’s Class A common stock trades under the symbol “RBCAA” on the NASDAQ Global Select Market.
About the Cities Fund for Financial Empowerment (CFE Fund)
The CFE Fund supports municipal efforts to improve household financial stability by taking advantage of opportunities unique to local government. By translating cutting-edge experience with large-scale programs, research and policies in cities of all sizes, the CFE Fund helps mayors and other local leaders identify, develop, finance, implement and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund currently works in more than 100 cities and counties and has awarded more than $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; municipal, 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 national Bank On initiative builds on a grassroots movement of more than 90 coalitions in cities across the country, providing national accounting standards, capacity grant support, pilot funding and a learning community. In addition to connecting the unbanked 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.