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Dedham Savings Start Up Checking Receives National Certification by Banking Advocates as Safe, Affordable Account

Dedham Savings has announced that its Start Up Checking account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 – 2022). The national safe account Standards, co-created by consumer advocates, regulators, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.

Key features of the Start Up Checking account include a monthly cost of only $3, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. Start Up Checking is available online at www.dedhamsavings.com and in every one of Dedham Savings 9 locations in Massachusetts.

Stated Beverly Somerville, Vice President and Community Reinvestment Act (CRA) Officer at Dedham Savings, “With our strong focus on financial wellness, the Bank On program fits well into our product line-up. Our new Start Up Checking connects Boston residents with a reliable financial product and companion services that can help them save, grow, and access their money.”

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Dedham Savings’ Start Up Checking account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Start Up Checking offers local 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. Dedham Savings’ offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”

The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.

Dedham Savings’ Start Up Checking is available online at www.dedhamsavings.com and in every one of Dedham Savings 9 locations in Massachusetts. With the addition of the Start Up Checking, accounts that meet Bank On National Account Standards are now available at almost 39,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 52% of the national deposit market share. In addition to Start Up Checking, there are over 160 other Bank On certified accounts available at financial institutions across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; 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.

Michael Andelman, Bank On Program Manager at Boston’s Office of Financial Empowerment in the Mayor’s Office of Workforce Development stated, “Dedham Savings’ new Start Up Checking account will serve to assist unbanked and underbanked residents of Boston and beyond open and maintain a zero-to-low cost checking account, rather than utilizing high-cost alternative services such as check cashers and payday lenders.”

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. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn.

About Dedham Savings

Incorporated in 1831, Dedham Savings is one of the oldest banks in Massachusetts still doing business under its original charter. The bank delivers technology-driven solutions in a client-centric way to promote the financial success of the individuals, families, businesses, and non-profit organizations in the communities it serves. Dedham Savings manages $1.7 billion in assets through full-service locations in Dedham, East Dedham, Needham, Norwood, Sharon, South Boston, Walpole, and Westwood, Massachusetts. Dedham Savings is Member FDIC, Member DIF, and an Equal Housing Lender.

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 $55 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 90coalitions 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. 

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