Horizon Bank's Fresh Start Checking has received accreditation from the Cities for Financial Empowerment organization. The accreditation serves as a recommendation for community nonprofits to refer unbanked community members to the checking account.
The Michigan City-based bank's Fresh Start account has no minimum balance requirement, unlimited check writing, federal deposit insurance and a cost of $5 a month.
It was found to meet national standards that were crafted with the help of consumer advocates, civic leaders and nonprofits.
The goal of the national Bank On initiative is to help people, particularly of lower socioeconomic status, gain access to safe and affordable financial products and services. Bank On national account standards are meant for community service coalitions and nonprofits to use to identify bank or credit union accounts they can refer clients to.
Bank accounts that meet the Bank On National Account Standards are now available at 28,000 branches in all 50 states.
Millions of customers nationwide have opened Bank On-certified accounts, with about 75% of them new to the financial institutions.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Horizon‘s Fresh Start Checking,” said Jonathan Mintz, president and CEO of the Cities for Financial Empowerment Fund. “Fresh Start Checking offers customers 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. Horizon‘s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
Horizon’s Fresh Start Checking is available at all its branches in Indiana and Michigan.