Waterstone Bank Launches Stepping Stone® Checking, Nationally Certified by Banking Advocates as Safe, Affordable Account
11 Luglio 2022 - 3:10PM
Today WaterStone Bank announced a new checking product, Stepping
Stone®. The new checking product 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.
The CFE Fund’s Bank On National Account Standards
Certification indicates that the new account meets over 25 features
for safe and affordable consumer transaction accounts. Key features
of the Stepping Stone® account include no monthly fee, no overdraft
or nonsufficient fund fees, digital bill pay capabilities, and
federal deposit insurance. Stepping Stone® Checking is available in
all 14 WaterStone Bank branches and online.
“Stepping Stone® Checking provides access to bank
services for those individuals in our community that to date have
lacked that access,” said Doug Gordon, CEO of WaterStone Bank. “The
Certification by Bank On further supports our efforts to help those
individuals.”
“The Cities for Financial Empowerment Fund is
delighted to award its national Bank On account certification to
WaterStone Bank’s Stepping Stone® Checking,” said Jonathan Mintz,
President and Chief Executive Officer of the Cities for Financial
Empowerment Fund. “Stepping Stone® Checking offers Southeastern
Wisconsin residents who are looking to improve their finances a
safe, affordable, and truly useful mainstream banking product to
access and manage their money. WaterStone 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 Stepping Stone® Checking,
accounts that meet Bank On National Account Standards are now
available at over 39,000 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 Stepping Stone® Checking, there are over 200 other Bank On
certified accounts available at financial institutions 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 approximately 85% of them opened by
consumers new to the financial institutions.
The CFE Fund leads the national Bank
On movement, supporting 90 local coalitions 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 WaterStone BankWaterStone
Bank, established in 1921, offers a full suite of personal and
business banking products. The community bank has branches in
Wauwatosa/State St, Brookfield, Fox Point/North Shore,
Franklin/Hales Corners, Germantown/Menomonee Falls,
Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St,
Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha,
West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin.
WaterStone Bank is the parent company to Waterstone Mortgage, which
has the ability to lend in 48 states. For more information about
WaterStone Bank, go to http://www.wsbonline.com. Follow WaterStone
Bank on Facebook, Twitter, LinkedIn, YouTube, and Instagram.
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.
Contact: Emily GillinghamCommunity Relations
Coordinator414-459-4182emilygillingham@wsbonline.com
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