News

American Riviera Bank's New Simply Checking Account Receives National Certification

American Riviera Bank's New Simply Checking Account Receives National Certification

News item October 21, 2022 by American Riviera Bank

Bank On Certification
Bank On Certification

Santa Barbara – American Riviera Bank (ARB) announced that its Simply Checking Account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards. ARB is now one of only 200 financial institutions across the country that offers Bank On certified accounts.

This certification is granted to financial institutions that meet specific requirements and offer accessible and affordable banking products for its community. American Riviera Bank’s nationally certified Bank On Simply Checking was designed to provide access for consumers who can’t afford to meet minimum balance requirements and who can’t afford to pay excessive fees. According to the 2019 FDIC Household Survey Report, the most cited reason unbanked households don’t have an account is that they “Don’t have enough money to meet minimum balance requirements”, which was cited by 29% of unbanked households.

Key features of Simply Checking include a monthly service fee of only $5, no overdraft or non-sufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. There are also a variety of ways to avoid the $5 monthly service charge, such as setting up direct deposit or making 10 debit card transactions a month. Current customers can also link accounts to take advantage of the combined balance option. Simply Checking is available in every one of American Riviera Bank’s 5 branches in Santa Barbara and San Luis Obispo Counties.

“We are committed to providing banking options that are accessible to our community. Simply Checking is a safe, affordable option which offers flexibility and easy access to transactional banking. We are proud to work with the CFE Fund to meet the standards to ensure that our customers’ needs are met,” shared Joanne Funari, Chief Operating Officer.

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to American Riviera Bank‘s Simply Checking Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Simply Checking offers Santa Barbara and San Luis Obispo Counties’ residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product– this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely. American Riviera Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”

American Riviera Bank wants to ensure that everyone can have financial stability through products and services, including its Bank On Simply Checking account. The CFE Fund leads the national Bank On movement, supporting 90 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. Data collected by the CFE Fund, in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform, shows the need for more accessible banking options. Since their offering, millions of consumers have opened Bank On certified accounts, with approximately 85% of them opened by consumers new to the financial institutions.

Those interested in learning more about a Bank On Simply Checking account can visit ARB’s website at arb.bank/bankon.

Get Simply Checking

American Riviera Bank will continue its commitment to provide inclusive banking and product offerings. Along with products like the Bank On certified Simply Checking account, American Riviera Bank continually identifies and makes available funding resources for both individuals and organizations. Visit any ARB location or AmericanRiviera.Bank to learn more.

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.

Previous: Next: 2022 Q3 Earnings Report