GSB Aspire Checking Receives National Certification
CFE Fund finds that Aspire Checking meets over twenty-five qualifications for safe and affordable consumer transaction accounts
GSB recently announced that its Aspire Checking was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2023 – 2024). The Bank On standards—co-created by consumer advocates, 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 Aspire Checking account include a monthly cost of only $10, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance.
GSB’s SVP, Retail Banking & DEI Officer, Shalonta Ford notes, “GSB is proud to announce the addition of Aspire Checking to our suite of products. Aspire Checking was created to support the communities we serve, to have access to basic checking accounts and the security that banking with a financial institution like GSB provides. It also aligns to our core values around Diversity, Equity and Inclusion – ensuring as many of our neighbors as possible have the access they need to build a bright, solid financial future.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to GSB’s Aspire Checking,” said Jonathan Mintz, President and Chief Executive Officer of the CFE Fund. “Aspire Checking offers Connecticut residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. GSB’s 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.
GSB Aspire Checking is available in all eight branches in Connecticut. With the addition of the Aspire Checking, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all fifty states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share.
In addition to Aspire Checking, there are over three hundred 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.
“Bank On CT is pleased to welcome GSB to our statewide coalition of financial institutions, federal regulators, and nonprofit organizations. We look forward to promoting the Aspire Checking account helping GSB connect affordable account access along with financial empowerment strategies to strengthen the LMI communities we serve.” – Tori Hamilton, Director of Asset Building Programs.
The CFE Fund leads the national Bank On movement, supporting almost one hundred 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.