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Account meets over 25 features for safe and affordable consumer transaction accounts
TULSA, Okla., May 05, 2022 (GLOBE NEWSWIRE) -- BOK Financial’s Opportunity Banking account offering was officially certified by the National Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 - 2022). Co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, the national safe account standards, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.
Key features of Opportunity Banking include a monthly cost of only $5, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, digital banking, access to an extensive ATM network, and federal deposit insurance. Opportunity Banking is available in every BOK Financial, Bank of Oklahoma, Bank of Texas and Bank of Albuquerque banking center or online.
“By aligning with the national Bank On movement, we have elevated our Opportunity Banking offering to ensure we are setting our clients up for success,” said Linda Cooper, director of consumer delivery at BOK Financial. “This account offering and the Bank On movement are an important part of our goal of helping our clients create a foundation for a positive financial life.”
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.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to BOK Financial’s Opportunity Banking account,” said Jonathan Mintz, president and chief executive officer of the Cities for Financial Empowerment Fund. “Opportunity Banking offers residents across the Midwest and Southwest 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. BOK Financial’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
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.
BOK Financial’s Opportunity Banking account is available at all 114 banking centers in eight states or it can be opened online. With the addition of the Opportunity Banking, accounts that meet Bank On National Account Standards are now available at more than 39,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share. In addition to Opportunity Banking, there are over 200 other Bank On certified accounts available at financial institutions across the country.
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.
About BOK Financial Corporation
BOK Financial Corporation is a $47 billion regional financial services company headquartered in Tulsa, Oklahoma with $101 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; BOK Financial Private Wealth, Inc.; and BOK Financial Insurance, Inc. BOKF, NA's holdings include TransFund, Cavanal Hill Investment Management, Inc. and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
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.
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