Safe and Affordable Bank On Account is Available to Louisville Residents
National certification of Simple Access indicates it meets over 25 features for safe and affordable consumer transaction accounts
LOUISVILLE, KY. (June 8, 2022) – Today Bank On Louisville announced that Republic Bank’s Simple Access account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 – 2022). The national safe account Standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety. Bank On Louisville works with financial institutions, community organizations, local government leaders, and federal regulators to connect Louisville residents to safe, affordable, and productive banking accounts. With the certification of the Simple Access account, there are now 10 financial institutions offering certified accounts in the Louisville area.
“We are delighted to have Republic Bank and the Simple Access account in the Bank On Louisville coalition,” said Erin Waddell, Co-Chair of Bank On Louisville. “Republic Bank’s account adds an additional opportunity for our Louisville residents to get connected to safe and affordable banking and supports our financial inclusion efforts”.
The Simple Access account features no minimum balance, no overdraft or nonsufficient fund fees, and a Mastercard™ debit card and access to more than 90,000 fee-free ATMs. Customers can apply for the account at any Republic banking center, online or on mobile in as little as 10 minutes. Through the Bank’s free mobile and online banking platforms clients can view their account balance and monthly statements, pay bills, make mobile check deposits, and find the nearest fee-free ATM. In addition, Simple Access clients may be able to access funds from their direct deposits up to two business days sooner with Early Direct Deposit (ACH) Access.
“We appreciate the work the CFE Fund is doing and their certification of our new Simple Access checking account as meeting Bank On standards,” said Logan Pichel, President and CEO of Republic Bank. “Through its past leadership in Bank On programs Republic Bank has always been focused on providing our communities increased access to the financial resources and the support they need to thrive.”
“Bank On Louisville is doing critical work to help Louisville residents enter the financial mainstream,” said David Rothstein, Senior Principal at the Cities for Financial Empowerment Fund. “We’re thrilled to confer our national Bank On certification to the Simple Access account, an affordable account with no overdraft or insufficient fund fees. Republic Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.
With the addition of the Simple Access account that meet Bank On National Account Standards are now available at over 39,540 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share. In addition to Simple Access, more than 230 other Bank On certified accounts are available across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; since their offering, millions of consumers have opened Bank On certified accounts, with over 80% of them opened by consumers new to the financial institution.
The CFE Fund leads the national Bank On movement, supporting almost 100 local and state coalitions across the country working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn.
About Bank On Louisville
Launched in 2010, Bank On Louisville is a collaborative partnership between local government, financial institutions and community organizations that work to improve the financial stability of unbanked and underbanked residents in our Louisville community. To date, Bank On Louisville has helped connect more than 50,000 residents to safe and affordable bank accounts and connected more than 26,000 residents to quality financial education. Visit www.bankonlouisville.org for more information.
About Republic Bank
Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 42 full-service banking centers throughout five states: 28 banking centers in 8 Kentucky communities – Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville, and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, New Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace; two banking centers in two Tennessee communities (Nashville MSA) – Cool Springs and Green Hills; and two banking centers in two Ohio communities (Cincinnati MSA) – Norwood and West Chester. The Bank offers internet banking at www.republicbank.com. The Company has approximately $6.3 billion in assets and is headquartered in Louisville, Kentucky. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.
About the Cities for Financial Empowerment Fund (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 assists 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 over 100 cities and counties, and has disbursed over $59 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About Bank On
Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of over 90 coalitions in cities across the country, offering national account standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.