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The Impact of Effortless Checking


A Solution for The Unbanked and the Underbanked

There are still millions of people in the United States who remain unbanked or underbanked. The unbanked are those who don’t have a checking or savings account, while the underbanked are those who have accounts but still rely on alternative financial services like payday loans, check cashing services, and money orders. The reasons for being unbanked or underbanked can vary from person to person, but it is often due to account fees, distrust of financial institutions, and a lack of knowledge on how to access and use traditional banking services. Read more about the importance/advantages of having a banking relationship.

The Bank On Movement

One initiative aimed at addressing this issue is the Bank On movement. It is a national platform led by the nonprofit Cities for Financial Empowerment Fund (CFE Fund) that connects consumers to safe and affordable bank accounts. The Bank On initiative’s National Account Standards are used to certify low-cost, basic accounts offered by financial institutions that meet specific criteria, including low or no fees, no overdraft charges, and online bill pay. One such account that meets these standards is Traditions Bank’s Effortless Checking, which is Bank On certified.

The Advantages of Effortless Checking

Effortless Checking is a simple checkless checking account that helps you safely deposit your paycheck, pay bills, establish credit, save for emergencies, and access your funds without carrying cash. It is designed to be affordable, accessible, and easy to use for those who may not have access to traditional banking services. The account charges a low monthly fee of only $5 and has no minimum balance requirements or overdraft fees, making it an attractive option for those who may have been excluded from traditional banking services in the past.

One of the biggest advantages of Effortless Checking is that it comes with a debit card that is compatible with Apple Pay, Google Pay, and Samsung Pay. This makes it easier for account holders to make purchases and manage their finances from their mobile devices. Additionally, Effortless Checking offers free online banking and bill pay, mobile banking with mobile check deposit, e-statements, Zelle®, and card control with real-time alerts. These features make managing finances easier, safer, and more convenient for account holders.

Improve Your Financial Stability with Effortless Checking

Moreover, Effortless Checking is making a significant impact on the unbanked and underbanked members of the community by providing access to a banking relationship that will improve their financial stability and allow them to take a step toward long-term financial security. According to CFE Fund, 82% of Bank On account holders are new customers, and 75% of them make debit transactions.

The Bank On certification of Effortless Checking adds further confidence for unbanked and underbanked members of the community who may be hesitant to engage with traditional banking services. By offering a Bank On-certified account, Traditions Bank is demonstrating its commitment to financial inclusion, moving the needle on economic inequality, and adding new customers in the process.

To learn more about Effortless Checking, please reach out to the Personal Banking team at your nearest Traditions Bank branch.

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