Connecting Tribal Citizens to Safe and Affordable Bank Accounts Amid Time of “Stay at Home” Orders

As of March  26, 2020, in anticipation of tribal citizens needing online banking options, the Oklahoma Native Assets Coalition, Inc. (ONAC) is providing information about “Bank On” bank accounts.  Such accounts may be opened by individuals in need of a safe and affordable account.  Bank On accounts have transparent monthly fees, a maximum opening account deposit of $25 per account, and no overdraft fees.  The accounts are certified as safe and affordable through Bank On National Account Standards (NAS), and are offered as part of a nationwide Bank On initiative.  Bank On NAS Certified account names differ from bank to bank, but account features are the same across all banking partners.  ONAC is offering this information, as our coalition is administering the first national Native Bank On initiative in the country.  

Direct deposit into these accounts is not required, but better allows the holder of these accounts to receive wages and benefits without delay, even when working from home, home sick, or assigned reduced hours that don’t line up with a payday.  With online banking and mobile banking (and as available during this time with drive-thru deposits and some limited face-to-face account openings), one can now open an account, view the balance, make deposits and withdrawals, and pay bills remotely and safely with a mainstream banking option.

Across the United States, the following accounts are certified as meeting the Bank On National Account Standards at all locations, and can be opened online:

· Bank of America, Advantage SafeBalance Banking Account

· Chase, Secure Banking Account

· Citi, Access Account

· Dollar Bank, No Overdraft Checking Account

· First Commonwealth Bank, SmartPay Card

· KeyBank, Hassle-Free Account

· Northwest Bank, Compass Digital Account

· U.S. Bank, Safe Debit Account

· Wells Fargo, EasyPay Card

· Truist Bank, Money Account (available at BB&T online and branches) 

Per state, there are additional financial institutions offering certified Bank On accounts.  You can check the list of such available account at https://joinbankon.org/coalitionmap/#certifiedaccounts to see if there is a bank closer to your residence.  You can then check with them to determine how they are opening accounts during this time of social distancing and “stay at home” orders from various cities and states.  

Specifically, in Oklahoma, the following banks have Bank On NAS Certified accounts with various account opening procedures:

· Bank of America, Advantage SafeBalance Banking Account (online)

· Chase, Secure Banking Account (online)

· Citi, Access Account (online)

· Wells Fargo, EasyPay Card (online)

· Simmons Bank, Affordable Advantage Account (as of yesterday, prior to the “stay at

  home” order by Governor Stitt for Oklahoma counties with confirmed COVID-19 

  cases, you could open this account in the lobby by appointment - call any bank 

  branch for appointment; you can now check to see if this is still an option in the 

  county you reside given the quickly changing “stay at home” orders)

· First State Bank of Anadarko - ask for Bank On certified account (branches are 

  open – you can open the account in the lobby; safe distancing observed, as, to our

  knowledge, there is not yet a case of COVID-19 confirmed in Caddo County; if a 

  case is confirmed, process could change)

· AllNations Bank, Simply Safe Account (open account at drive-thru windows so that 

  no in-person meetings occur)

 

Bank On account features include:

· Low minimum deposit ($25 or less)

· Debit card/pre-paid card

· No monthly minimum balance required

· Low minimum monthly fee ($5 or less)

· Free bill pay by customer

· Free monthly statements