WYOMISSANT — Tompkins Community Bank announced this week the launch of Smart Spend, a new checking account that aims to expand community access to banking services by eliminating overdraft fees for account holders.
In addition to minimizing overdraft opportunities, Smart Spend accounts have no minimum balance requirement, making it one of Tompkins’ most inclusive banking options for underbanked or previously unbanked community members. unbanked, according to a press release.
“Offering Smart Spend will make banking more equitable and accessible to everyone in our community, and it’s an important step in the right direction,” said Ginger Kunkel, president of Tompkins, Pennsylvania, in a statement. “We hope that Smart Spend will meet the ever-increasing diversity of financial needs we serve and enable more people to establish a financial foundation, safely establish their credit history and develop healthy savings habits. and expenses.”
Key features of the account include a $5 monthly maintenance cost, no overdraft or insufficient funds fees, the ability to pay bills and make purchases, and federal deposit insurance. In addition to the new program, Tompkins has also developed a corresponding Smart Spend savings account, available only to Smart Spend checking account holders. For more information, visit https://www.tompkinsbank.com/.
The new account is available at all 18 Tompkins branches serving Berks, Delaware, Montgomery, Philadelphia and Schuylkill counties.
Smart Spend is officially certified by the National Cities for Financial Empowerment Fund (CFE Fund) as meeting Bank On National Account standards for 2021-2022. The National Secure Account Standards, co-created by consumer advocates, leading national nonprofits, civic leaders, and other financial institutions, identify both essential and highly recommended features that ensure low cost, high functionality and consumer safety.
Bank On coalitions are locally-led partnerships “that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities,” the statement said.
As part of its commitment to providing financial education, Tompkins is hosting an ongoing series of free virtual webinars on a variety of topics, including fraud protection, first-time home buying and general financial wellness. . For a calendar of upcoming events and registration instructions, visit https://www.tompkinsbank.com/about-us/community-events.
