Fintech: Southeast News

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Posted November 02, 2021

 

COLUMBUS, Ga., October 25, 2021 – Synovus is pleased to announce that its Budget Checking account has received the Cities for Financial Empowerment Fund (CFE Fund)'s national Bank On certification for meeting the 2021-2022 Bank On National Account Standards. The standards, compiled with input from local coalitions, financial institutions, regulators, advocates, and researchers across the country, include core and strongly recommended features that establish an ambitious, but achievable, baseline for safe, affordable, and appropriate accounts that meet the needs of consumers with low incomes, particularly those outside of the financial mainstream. Core Bank On account features include low costs, no overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill pay.

“From Raise the Banner, our financial education initiative, to our numerous solutions and advice-driven approach to banking, Synovus is committed to helping our clients achieve their financial goals and aspirations,” said Kevin Blair, president and CEO of Synovus. “Our new Budget Checking solution removes barriers to financial access, and the account's Bank On certification reinforces our dedication to offering personal service and products that promote sound money management and financial stability for our clients.” “We’re excited about this certification and the opportunity to partner with CFE/Bank On in expanding banking access to the unbanked and under-banked through safe and affordable accounts.”

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Synovus‘ Budget Checking account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Budget Checking offers residents in Synovus’ five-state footprint 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. Synovus’ offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”

The Synovus Budget Checking account offers no overdraft or nonsufficient funds fees and limits transactions that could overdraw the account, making it a great option for clients who want to stay on budget or may have a history of frequent overdrafts. Complementing our existing Connections Visa Prepaid Card and Free Checking products, the Synovus Budget Checking account provides a more accessible, introductory checking account for new or unestablished clients. For more information on Synovus’ Budget Checking account, visit www.synovus.com/budgetchecking.

 

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