As a financial technology provider serving community banks and credit unions, COCC is dedicated to supporting initiatives geared towards helping local communities. COCC has recently answered that call once again in its support of the Bank On initiative. Developed by Cities for Financial Empowerment (CFE) Fund, Bank On is a program designed to expand the availability of accessible, safe and low-cost transaction products to serve the unbanked and underbanked within our communities.
The CFE Fund developed a set of standards that a transaction account must meet in order to become Bank On certified. These include access to a debit card, access to ATMs, free online banking and check cashing, no overdraft fees, low monthly maintenance fees and additional features to provide affordable access to safe banking services.
The American Bankers Association (ABA) recently called on core providers to support their clients and their interest in Bank On. The flexibility of COCC’s core banking solution, INSIGHT, facilitates an easy process for an institution to offer an account to meet the Bank On certification requirements by following the same process they would use to design any other account to suit their business.
“We recognize the banks and credit unions that we work for are dedicated to the communities they serve and so it is our responsibility to help them fulfill the needs of their communities with flexible and adaptable technology and financial products,” said COCC Chief Executive Officer Richard A. Leone.
Reading Cooperative Bank, a $631 million bank headquartered in Reading, Mass., is the first COCC client with a checking product certified by the CFE Fund and the Bank On initiative.
“As bankers, we don’t always think about how complicated a checking account might be for someone who has never had one before,” said Julieann Thurlow, CEO for Reading Cooperative. The bank’s participation in Bank On is part of a larger effort to support the unbanked and underbanked citizens of its community through accessible banking and financial education. “By listening to consumers tell us why they use check cashing services instead of a bank account and how they’ve been hurt by bank accounts in the past, we decided to develop a ‘do no harm’ account to support those needs and build trust and understanding of banking products.”
Several other COCC clients are currently developing accounts to meet the Bank On certification requirements. This capability is readily available to any COCC client looking to join the initiative. COCC is proud to be able to support our clients as they continue to find new and innovative ways to serve their local communities.
COCC is an award-winning client-owned financial technology company servicing financial institutions throughout the Northeastern United States. Launched in 1967, COCC was founded by its clients. This unique cooperative structure has set COCC apart from the competition and is one of the driving forces behind their success. COCC is recognized as a leader in delivering innovation and the quality service financial institutions demand and deserve.