Newtown Savings Forms Collaboration To Address ‘Unbanked’
Newtown Savings Bank has announced a partnership with Bank On Connecticut and the Cities for Financial Empowerment Fund (CFE Fund) in its statewide effort to promote safe and affordable Bank On-certified accounts.
Bank On Connecticut is one of nearly 90 Bank On coalitions across the country working to connect people who are unbanked and underbanked to the mainstream banking system by partnering with financial institutions to provide Bank On-certified accounts. The CFE Fund’s Bank On National Account Standards identify critical product features for safe and affordable banking accounts, making it easier for local coalitions across the country to connect people to accounts that meet their needs.
“We are proud to be one of the first banks in Connecticut to participate in this program and help increase the number of banked individuals in Connecticut,” said Ken Weinstein, Newtown Savings Bank president and CEO. “Our New Start checking account has been certified to Bank On standards and offers a safe and affordable option to using high-cost alternative financial service providers.”
“Our movement works tirelessly to reach the un- and underbanked residents of Connecticut, helping to increase access to accounts like the New Start checking account,” said Tori Hamilton, Bank On program outreach coordinator with Connecticut Association for Human Services (CAHS).
CAHS is a 501(c)(3) nonprofit organization that combines neighborhood outreach into working poor communities with broad-based policy work at the state and federal level. Founded in 1910, CAHS is focused on helping families and children build the skills and assets they need for lasting economic success, strengthening Connecticut’s economy, and improving its workforce.
Its mission is to end poverty and engage, equip, and empower all families in Connecticut to build a secure future. In addition to advocacy and outreach, CAHS publishes consumer guides, policy briefs, and KIDS COUNT, a highly regarded data and policy book supported by the Annie E. Casey Foundation.
“Newtown Savings Bank has shown leadership in working with Bank On to increase the number of our neighbors who will feel safe knowing that their hard-earned money is in a certified account with no overdraft charges and low fees,” said Hamilton.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Newtown Savings Bank’s New Start checking account,” said Jonathan Mintz, president and CEO of the CFE Fund.
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government.
By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund helps mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in more than 100 cities and counties, and has disbursed more than $52 million to local governments and their partners to support these efforts.
“The New Start checking account offers Connecticut 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 added. “Newtown Savings Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
For more information and Newtown Savings Bank locations, visit nsbonline.com.