Minnequa Works CU Overtime Checking Account Receives National Certification as Safe, Affordable Account
Posted by Alex Robinson on April 10, 2023
This week, Minnequa Works Credit Union, based in Pueblo, Colorado, announced that its Overtime Checking Account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2023 – 2024). The national safe account 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 Overtime Checking include no monthly cost, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, the ability to earn interest up to 1.5%, and federal deposit insurance held by NCUA. Overtime Checking is available in every one of Minnequa Works’ branches in Southern Colorado.
“At Minnequa Works we know how hard individuals in our community work, and we are excited to have an account that works hard for them and supports the unbanked,” said Nathan Cape, president of operations at Minnequa Works. “Our goal is to help people through their financial life, and the Bank On certified Overtime Checking is a unique account that truly helps to ensure peace of mind, consumer safety, and ease-of-use.”
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Minnequa Works Credit Union Overtime Checking,” said Jonathan Mintz, president and CEO of the Cities for Financial Empowerment Fund. “Overtime Checking offers Pueblo and Southern Colorado residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Minnequa Works’ 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.
Minnequa Works Credit Union Overtime Checking is available at all branch locations as well as online at mymwcu.com. With the addition of the Overtime Checking, accounts that meet Bank On National Account Standards are now available at over 46,000 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 Overtime Checking, there are over 350 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 80% of them opened by consumers new to the financial institutions.
The CFE Fund leads the national Bank On movement, supporting almost 100 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.