Thomaston Savings Bank announced the launch of a new product, the Uncommon Account, geared toward serving unbanked and underbanked consumers.
The Uncommon Account joined the Bank’s product suite as part of the Cities for Financial Empowerment Fund’s (CFE Fund) national Bank On initiative. The Bank On National Advisory Board has created Bank On National Account Standards in an effort to encourage local programs and offer guidance on how to most effectively engage and meet the needs of low income consumers who could be considered under/unbanked. The ultimate goal of this initiative is to transition consumers away from a reliance on costly alternative financial services like payday loans and check cashing services by establishing, or reestablishing, their relationship with a financial institution.
The Uncommon Account is the first Bank On certified product offered by a Connecticut mutual community bank. The product’s name highlights the unusual features of the account that makes it a standout amongst typical checking account offerings. The Uncommon account requires only $10 to open, has no minimum balance requirement and no monthly maintenance fee, and most noteworthy, overdraft or non-sufficient funds fees will never be assessed. This account is green in nature, incentivizing customers to utilize eStatements to avoid a statement fee and does not offer checks to be written on the account, encouraging the use of a free debit card, or the more convenient and secure option of using their card with a mobile wallet for contactless purchases.
“The Uncommon Account is an enormous step in our ongoing journey to engage those in our community that remain outside of the mainstream banking system. Without a bank account, individuals and families are left spending valuable resources on unnecessary fees for alternative financial services, like payday loans, and struggle to build their savings. The Uncommon Account will help us end this vicious cycle.” – Stephen L. Lewis, Thomaston Savings Bank, President and CEO
In an effort to accommodate individuals that are currently unbanked due to a turbulent banking history, this account can be opened by those that may have been declined in previous attempts to open an account at any financial institution due to an excessive overdraft or non-sufficient funds history.