American Riviera Bank’s (ARB) Simply Checking Account has been certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards. ARB is now one of only 200 financial institutions across the country that offers Bank On certified accounts.
The certification is granted to financial institutions that meet specific requirements and offer accessible and affordable banking products for its community.
American Riviera Bank’s nationally certified Bank On Simply Checking was designed to provide access for consumers who can’t afford to meet minimum balance requirements and who can’t afford to pay excessive fees.
According to the 2019 FDIC Household Survey Report, the most cited reason unbanked households don’t have an account is they “Don’t have enough money to meet minimum balance requirements,” which was cited by 29% of unbanked households.
Key features of Simply Checking include a monthly service fee of $5, no overdraft or non-sufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. There are also a variety of ways to avoid the $5 monthly service charge, such as setting up direct deposit or making 10 debit card transactions a month.
Current customers can link accounts to take advantage of the combined balance option. Simply Checking is available in each of American Riviera Bank’s five branches in Santa Barbara and San Luis Obispo counties.
“We are committed to providing banking options that are accessible to our community,” said Joanne Funari, COO. “Simply Checking is a safe, affordable option which offers flexibility and easy access to transactional banking. We are proud to work with the CFE Fund to meet the standards to ensure that our customers’ needs are met.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to American Riviera Bank‘s Simply Checking Account,” said Jonathan Mintz, president/CEO of the Cities for Financial Empowerment Fund.
“Simply Checking offers Santa Barbara and San Luis Obispo counties 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,” Mintz said.
“American Riviera Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them,” he said.
Those interested in learning more about a Bank On Simply Checking account can visit ARB’s website.