Zing Credit Union’s Clear Card Receives National Certification
Zing Credit Union announced that its Clear Card was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 – 2022). 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 Clear Card include no monthly fees, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and all deposits are insured by the National Credit Union Administration.
In addition to this announcement, Zing Credit Union’s volunteer Board of Directors lowered the cost of a share in the cooperative to $5.
“By lowering the amount required, we are creating more access to savings for all people in our community. We are delighted to take this step in solidifying our commitment to being a financial resource for all,” states Tessa Bonfante, Co-CEO of Zing Credit Union.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Zing Credit Union‘s Clear Card,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Clear Card offers Denver metro area residents 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. Zing Credit Union‘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. Bank On has a local organization called Bank On Denver.
The Director of Bank On Denver, Lauren Money, states “Zing Credit Union has been a staple in the Denver community and a long-standing partner of Bank On Denver. We’re beyond ecstatic to extend that partnership to include an affordable account that has been certified by Cities for Financial Empowerment Fund. The extension of this partnership will allow Zing Credit Union and Bank On Denver to extend their reach in order to meet the needs of Denver area residents by providing access to the tools they need to be financially self-sufficient and teaching them how to use those tools through financial coaching.”
The CFE Fund leads the national Bank On movement, supporting almost 80 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, visit the Bank On website.