The Federal Deposit Insurance Corporation (FDIC) hosted a virtual event discussing Banking On Connecticut for fellow bankers and attendees to learn more about the Bank On initiative and participating organizations. Thomaston Savings Bank’s SVP, Senior Retail Banking & CRA Officer, Todd Burton, was featured on the panel to discuss the success of the Uncommon Account and the integration with community partners. Other speakers on the panel included Alexis Luna, Community Affairs Specialist from the FDIC and Paige Diner, Senior Associate, Cities for Financial Empowerment Fund (CFE Fund).
Bank On’s mission is to support local organization’s efforts to establish and/or reestablish the under and unbanked to mainstream banking in order to remove their reliance on expensive alternative financial services like payday loans, check cashers, pawn shops etc. The Bank On project supports a coalition of nonprofit groups, consumer advocates, policy makers, federal regulators, financial institutions and local elected officials who have created safe and affordable banking accounts for consumers.
“We recognized the need for a Bank On account in our community and wanted to overcome that stigma while building trust with those who might have had a negative view of their previous financial institution or experience. The Uncommon Account has allowed us to offer a product to a wider range of customers who might not have been able to take advantages of our services before. We are proud to provide a product that allows customers a gateway towards furthering their financial success that would otherwise have to rely on expensive alternative financial services.” – Todd Burton, SVP, Retail Banking & CRA Officer, Thomaston Savings Bank
Thomaston Savings Bank was the first Connecticut mutual community bank to offer a Bank On certified product, introducing the Uncommon Account in early 2021. The Uncommon Account is intended to serve a wide net of consumers, including those who are currently unbanked or underbanked. The account offers unique features including just a $10 opening deposit, no minimum balance requirements and no monthly maintenance fee. A standout feature of this account is that it does not assess overdraft or non-sufficient funds fees, allowing consumers to establish a better relationship with their financial institution. Furthermore, customers with an overdraft or nonsufficient funds history with another institution are eligible to open this account.
Learn more about the Uncommon Account Here