Webster Bank’s Webster Connect Checking Account Receives National Certification by Banking Advocates
NEW YORK, NY, CT December 15, 2022 – Webster Bank is pleased to announce its Webster Connect Checking account has received official certification from the national nonprofit Cities for Financial Empowerment Fund (CFE Fund) for meeting the Bank On National Account Standards (2023 - 2024). The account will be offered in its New York metro area locations starting in 2022 and more broadly across all of Webster’s locations in 2023.
The Webster Bank Webster Connect Checking product provides unbanked and underbanked residents with financial services with limited fees to help them save, grow and access their money in an accessible and reliable way. Many of these consumers may currently rely on check-cashing services or other alternative banking services, which are prevalent in low-income communities and communities of color. According to recent FDIC data, an estimated 5.9 million American households were unbanked in 2021, meaning no one in the house had access to a checking, savings or credit union account.
“Webster is proud to offer New York-area residents in underserved communities’ equal access to mainstream banking services, providing our clients tools to increase their financial stability,” said Marissa Weidner, Chief Corporate Responsibility Officer at Webster, adding, “This program is a critical part of Webster’s overall Community Investment program designed to increase financial empowerment for residents in the communities we serve.”
The Webster Connect Checking account has no charges for overdrafts or insufficient funds fees and offers free mobile banking, ATMs, access to all digital banking services and the deposits are federally insured.
“Webster Connect is part of our continuing commitment to providing banking services for clients who may not have had access in the past to traditional checking or savings accounts,” said James Griffin, Executive Managing Director, Head of Consumer Banking. He added, “Webster Connect allows clients to create wealth and expand their financial security without the day-to-day concern of penalties or extensive fees.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Webster Bank’s Webster Connect Checking,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Webster Connect offers New York-area residents who are working to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Webster’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
Bank On collaborates with financial institutions to provide residents with account options that meet safety and affordability standards. The Webster Connect checking account has met Bank On National Account Standards, which designate both required and strongly recommended features that ensure low cost, high functionality and consumer safety. With the addition of Webster Connect, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, D.C.; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share. In addition to Webster Connect there are over 300 other Bank On certified accounts available at financial institutions across the country.
Webster Bank (“Webster”) is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country’s largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with more than $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including our latest annual report, please visit our About page. To find our latest press releases, visit the Webster Newsroom.
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.
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