Newtown Savings Bank Partnerships Will Support The Under-served

Press release from the Connecticut Association for Human Services:

April 29, 2021

Newtown Savings Bank announced its partnership today with Bank On Connecticut and the Cities For Financial Empowerment Fund (CFE Fund) in their statewide effort to promote safe and affordable Bank On certified accounts. Bank On Connecticut is one of close to ninety Bank On coalitions across the country working to connect the unbanked and underbanked population to the mainstream banking system by partnering with financial institutions to provide Bank On certified accounts. The CFE Fund’s Bank On National Account Standards identify critical product features for safe and affordable banking accounts, making it easier for local coalitions across the country to connect people to accounts that meet their needs.

“We are proud to be one of the first banks in Connecticut to participate in this program and help increase the number of banked individuals in Connecticut,” said Ken Weinstein, Newtown Savings Bank President & CEO. “Our New Start checking account has been certified to Bank On standards and offers a safe and affordable option to using high-cost alternative financial service providers.”

“Our movement works tirelessly to reach the un and underbanked residents of Connecticut helping to increase access to accounts like the New Start checking account,” said Tori Hamilton, Bank On Program Outreach Coordinator with Connecticut Association for Human Services. “Newtown Savings Bank has shown leadership in working with Bank On to increase the number of our neighbors who will feel safe knowing that their hard-earned money is in a certified account with no overdraft charges and low fees.”

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Newtown Savings Bank’s New Start Checking Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “The New Start Checking Account offers Connecticut 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. Newtown Savings Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”

This press release was produced by the Connecticut Association for Human Services. The views expressed here are the author's own.