A NEW Kind of Bank Account
What is Bank On? A Bank On account is required to be a safe low-cost transactional product. Most of the nation’s largest financial institutions, many community banks, and credit unions have committed to offering Bank On accounts. We developed this easy-to-use handout for teachers which is full of the resources you need to help students open safe and low-cost bank accounts:
Disclaimer: NGPF does not have a relationship with Bank On, but we see the importance of sharing Bank On accounts with students. Subsequently, we cannot answer any questions about Bank On. Please contact Bank On directly for questions.
Here are four reasons you should consider sharing Bank On accounts with your students:
- Zero or Minimal Fees Bank On accounts do not allow for overdraft and minimum balance fees. There are no penalty fees on these accounts, so customers won’t see any money taken out of these accounts unless the customer chooses to spend it. The $5 or less per month maintenance fee is often waived for kids aged 13-24.
- Avoid Costly Payroll Cards Students who work and lack a bank account are often forced to use payroll cards to be paid, which in many cases, is accompanied by costly fees for the payroll cardholder. Banks and credit unions allow for working students to receive direct deposits into low or no-fee Bank On bank accounts.
- Minor Accounts Some states allow minors to open accounts without custodians (i.e. parents). This is especially important for students living in low-income households who might not have parents who have bank accounts.
- Banks and Credit Unions Provide Tools for Easy Banking
- Direct deposit and the ability to deposit cash
- Branch access
- Debit cards and mobile banking
- Low balance alerts; new tools to manage and track money
Learn More: Register for the NGPF Speaker Series: Venus Lockett, CEO of Urban Asset Builders and the Georgia BankOn Fellow on Mar 18, 2021, 7:00 pm ET.
About the Author
Making a difference in the lives of students through financial capability is Brian’s greatest passion. He comes to NGPF after fifteen years of public school teaching where he was the ‘11 Ohio Department of Education recipient of a Milken National Educator Award, the CEE Forbes Award winner, and a Money Magazine/CNN "Money Hero". He served on the working group for President Obama's Advisory Council on Financial Capability. He has private school experience as a Trustee for the Cincinnati Country Day School and was a past Ohio Jump$tart President. Brian holds a BBA and M.Ed. When Brian isn’t working alongside his NGPF teammates he is likely spending time with his wife, three children, and dog; hiking, or watching Ohio State football.
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