Bank On in California

National nonprofit organization, the Cities for Financial Empowerment Fund (CFE Fund), created the Bank On National Standards, which outline the features of a safe, affordable checking account. The CFE Fund certifies bank and credit union checking accounts that meet these Standards. Nationally certified Bank On accounts have no overdraft or insufficient funds fees, most are $5 or less a month, and you can use them to manage your money, deposit your paycheck, and pay bills at no extra cost. 

With a Bank On certified account, you can deposit and manage your money faster and safer than with a paper check. Don’t pay fees for accessing your own money – use a safe account, with no overdraft fees. Your money is secure, as banks and credit unions take your personal security seriously with cutting-edge tools to protect your data; these accounts are also federally insured.  

Each financial institution has its own process for account opening, but you may need to provide: a Social Security Number or Individual Taxpayer Identification Number (ITIN) number; state-issued identification like a driver’s license, a passport, or a country-issued identification card; your mailing address; and your date of birth. 

Certified accounts often have different names that don’t include “Bank On.” At a branch, you can ask about the “Bank On certified” or “no overdraft” account. Banks and credit unions often highlight their Bank On certification on their website account page; you can also visit www.joinbankon.org/accounts for a full list of all Bank On certified accounts, or https://unidosus.org/bankon-texas/ for Bank On certified accounts in our community.   

The Bank On National Account Standards allow a monthly maintenance fee of only $5 or less. Bank On certified accounts don’t allow additional overdraft or insufficient funds fees. 

Opening a Bank On certified account helps you start a relationship with a mainstream bank or credit union, and includes an ATM card so you can easily access your money. You also may be able to access other products – such as a credit card – at that bank or credit union after opening a Bank On certified account. 

Bank On certified accounts are open to the public, regardless of income, or immigration status.  

If you have an account at an institution that offers a Bank On certified account, you can talk to the bank or credit union and ask about opening a Bank On certified account. You may be able to transfer funds directly from your existing account to open this one.

If you have an account at another institution that does not offer a Bank On certified account, you can open one of Bank On certified accounts: www.joinbankon.org/accounts.  You should talk to your current bank or credit union about closing your current account first, and work to transfer your account funds to the new institution. 

One of the strongly recommended (but not required) features of Bank On certification is to accept alternative IDs, like a municipal or consular ID. You can talk to Project Bravo about how to get these IDs. Some institutions with certified accounts also accept customers with ITINs.