As always, First Bank is committed to providing the secure financial products and services our clients need in the communities in which we serve. First Bank is pleased to announce that it is among 60 other banks nationwide to offer an account that meets Bank On National Account Standards from the National Bank On collation for its Thrive Checking product.
What is Bank On? In an effort to provide access to safe, high-quality banking products and services that our underserved communities need, the National Bank On Coalition was formed. Its primary goal is to ensure that everyone has access to a secure, affordable bank or credit union.
To read more about Bank On, please click here.
What is First Bank’s Thrive Checking? Thrive Checking is a National Bank On Account certified product, offers no minimum balance requirements, and can be opened with as little as $25. First Bank’s Thrive Checking also offers the flexibility of free online and mobile banking services. “Our Thrive suite of banking products,” explained Stacy Clay, Director of Community Affairs, “provides financial empowerment to those who otherwise would have difficulty getting ahead by using expensive, alternative financial services.” According to Bank On, it’s estimated that approximately 12 million adults, or 5 percent of U.S. households, are unbanked with no checking or savings account. On top of that, nearly 34% of unbanked and 45% of underbanked households earn less than $30,000 per year and often use alternative financial services, including high-interest payday loans or credit cards as well as high-fee check-cashing services.
To read more about Thrive Checking, please click here.
“First Bank is pleased to be in partnership with Bank On and to meet the newly updated Bank On National Account Standards for our Thrive Checking product,” said Clay. “We are proud to provide a low cost, no-surprise-fee bank account to better serve our underserved communities.”