DENVER– Denver Community Credit Union said its Clear Card has been officially certified by the national Cities for Financial Empowerment Fund as meeting the Bank On National Account Standards.
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.
Key features of Clear Card include no monthly fees, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and all deposits are insured by the National Credit Union Administration.
In addition to this announcement, Denver Community CU said it has lowered the cost of a share in the cooperative to $5.
“By lowering the amount required, we are creating more access to savings for all people in our community. We are delighted to take this step in solidifying our commitment to being a financial resource for all,” said Tessa Bonfante, Co-CEO of Denver Community Credit Union.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Denver Community Credit Union‘s Clear Card,” added Jonathan Mintz, president/CEO of the Cities for Financial Empowerment Fund. “Clear Card offers Denver metro area 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. Denver Community Credit Union‘s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
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. Bank On has a local organization called Bank On Denver.