VENTURA COUNTY, Calif.— Ventura County Credit Union, (VCCU) is reporting its Simply Essential Checking has been officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2023 - 2024).
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 credit union noted.
Key Features
Key features of Simply Essential Checking include:
- No monthly service fee
- No overdraft or nonsufficient fund fees
- The ability to pay bills and make purchases, and federal deposit insurance.
“We are so excited to share the news with our members. The Bank On certification makes it possible for us to invest even more in supporting our community that will benefit our members,” said President and CEO Linda Rossi. “We are proud to call Ventura County home, and we do everything we can to help make it the best it can be for all who live, play or work here.”
Goal of Program
According to the organization, the goal of Bank On 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,” VCCU said.
Added Jonathan Mintz, president and CEO of the Cities for Financial Empowerment Fund, “The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to VCCU’s Simply Essential Checking. Simply Essential Checking offers Ventura County residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. VCCUs offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
What the Data Show
Ventura County CU said 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 the accounts are meeting consumers’ needs. Since their offering, millions of consumers have opened Bank On certified accounts, with approximately 80% of them opened by consumers new to the financial institutions.
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