Cambridge, Mass. – East Cambridge Savings Bank, a $1.3 billion in assets mutual bank, today announced the launch of three new personal banking products designed to empower individuals and families to improve their financial well-being and gain greater access to financial resources. This includes East Cambridge Access Checking which is a certified BankOn checking account. BankOn is a nationwide program led by the Cities for Financial Empowerment Fund (CFE Fund), an organization committed to ensuring that everyone has access to a safe and affordable bank account.
These three new products are all meant to bring more people into a banking relationship and avoid the costs associated with not having a bank account.
According to the CFE Fund:
• Close to 5% of U.S. households (approximately 12 million adults) are “unbanked,” and do not have a checking or savings account.
• Almost 11% of U.S. households (approximately 24 million adults) are underbanked, meaning they still use some fringe financial services.
• Nearly 34% of unbanked and 45% of underbanked households earn less than $30,000 per year.
• Nationally, 48% of Black households and 42% of Hispanic households are unbanked or underbanked, compared to less than 14% of white households. (Source: joinbankon.org/about)
Key highlights of these three products include:
• East Cambridge Access Checking – a safe, affordable bank account that is ideal for individuals looking for an alternative to costly check-cashing and related services, or those looking to establish their first checking relationship. Access Checking, a no-fee account, is BankOn certified.
• East Cambridge Credit Builder – For those with no established credit or those looking to improve their credit profile, this installment loan allows individuals to borrow money to deposit into an FDIC and DIF insured certificate of deposit (CD) account. When payments are made on-time, this can help improve the customer’s credit score.
• A secure credit card – another safe way to begin building credit history.
These products can be opened at any of East Cambridge Savings Bank’s 10 banking centers and the East Cambridge Credit Builder loan application can be started online at ecsb.com.
East Cambridge Savings Bank president and CEO Gilda Nogueira remarked on the importance of making banking products accessible to more people. “As a mutual bank, one of our founding principles is serving the needs of those who live and work in the communities we serve,” said Nogueira. “These three products, especially the certified BankOn checking account, are designed to bring more people into a safe and secure banking relationship which is a key tool to a financially stable future. We firmly believe that financial institutions of all sizes play a key role in serving the underbanked and opening doors to financial opportunity for all.”
To learn more about these products, please visit ecsb.com/personal.
About East Cambridge Savings Bank
East Cambridge Savings Bank is a full-service mutually-held bank that is committed to be the preferred banking partner in the communities it serves. Established in 1854, the Bank strives to provide an exceptional customer experience and generous support for the community. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, and Waltham, as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender.
Assistant Vice President, Public and Community Relations Officer