TUCSON, Ariz.–Tucson Federal Credit Union (TFCU) said it has become the first credit union in Arizona to earn national certification from the Cities for Financial Empowerment Fund’s “Bank On” initiative. The national platform is supported by more than 100 local coalitions nationwide and over 500 banks and credit unions across the country, serving more than 11 million people, noted TFCU.
The Bank On movement, led by the New York–based nonprofit Cities for Financial Empowerment Fund (CFE Fund), works to ensure everyone has access to safe, affordable, and functional banking. Tucson FCU cited a statement from the Federal Reserve Bank of St. Louis that said, “Having access to basic banking services is an essential component of achieving economic stability and building wealth. Without a bank account, households may face challenges in saving reliably or automatically and in establishing a banking relationship that can lead to access to affordable credit.”
18% of Households Unbanked
In addition, the credit union said Bank On Arizona, an initiative of Dress for Success Phoenix, reports that more than 18% of Arizona households are unbanked or underbanked.
According to Tucson Federal, the MyMoney Checking meets the Bank On National Account Standards, offering:
- Low or no monthly fees
- No overdraft or NSF fees
- Free access to deposits, withdrawals, and bill pay
- Online and mobile access for everyday transactions
A ‘Core Belief’
“For over 80 years, TFCU has been part of the financial landscape in Tucson, with a core belief that everyone deserves to be seen and heard no matter their personal circumstances,” President and CEO Matthew Gaspari said in a statement. “By launching this nationally certified Bank On account, we are removing obstacles that have historically kept the most vulnerable in our community unbanked and underserved. At Tucson Federal Credit Union, we meet our members where they are. Through this partnership with Bank On, we are meeting our community where they are with a safe, affordable, and truly local financial home that reinvests in the prosperity of Pima County one person at a time.”
New Loan is Planned
Later this year, alongside MyMoney Checking, TFCU said it will also introduce the “First Step 500 Loan Program,” which offers members access to small-dollar loans of up to $500 after completing a short educational video. This program underscores TFCU’s mission to pair access with financial literacy.
“This account isn’t just a new product—it’s a pathway,” COO Krystal Adams said in a statement. “We are proud to be allied with Bank On Arizona in breaking down barriers and empowering people to build lasting financial health.”
