BAKERSFIELD, Calif. — Valley Strong Credit Union plans to launch a Bank On-certified checking account aimed at expanding access to affordable financial services for people who are unbanked or underbanked.
The new Basic Access Account will meet national Bank On standards intended to provide consumers with safe, low-cost banking options, according to Valley Strong Credit Union.
The $4-billion credit union said the account will have no dormancy or low-balance fees and will provide free access to digital banking tools. It will be available to current and prospective members, including consumers opening a bank or credit union account for the first time.
Bank On is a national initiative that works with financial institutions and local coalitions to increase access to safe and affordable banking accounts. Valley Strong said first-time banking members account for 84% of new Bank On account openings nationally.
‘Empowering Journeys’
“Our communities deserve financial products that not only meet their needs but empower their financial journeys,” Nick Ambrosini, president and CEO of Valley Strong Credit Union, said in a statement. “By offering a Bank On-certified account, Valley Strong is taking meaningful steps to ensure every individual — regardless of their circumstances — has access to safe, affordable banking and the opportunity to build long-term financial stability.”
Valley Strong said the Basic Access Account is part of its broader effort to increase financial inclusion and serve people who face barriers to using traditional banking services.
The credit union did not specify a launch date for the new account in its announcement.
Valley Strong operates 31 branches in Kern, San Joaquin, Solano, Tulare and Kings counties in California. The credit union serves more than 360,000 members and has approximately $4 billion in assets, according to Valley Strong.
