Piedmont Federal Savings Bank receives national certification

Published 12:00 am Thursday, November 4, 2021

Getting your Trinity Audio player ready...

WINSTON-SALEM — Piedmont Federal Savings Bank’s PFBoost checking account is now officially certified by Cities for Financial Empowerment Fund (CFE Fund), meeting its Bank On National Account Standards (2021-2022). Co-created by consumer advocates, leading national nonprofit organizations, civic leaders and financial institutions, CFE Fund’s Bank On project and its National Account Standards designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety in bank accounts the organization certifies.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Piedmont Federal Savings Bank’s PF Boost Checking account,” said Jonathan Mintz, president and chief executive officer of Cities for Financial Empowerment Fund. “PF Boost offers North Carolina 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. Piedmont Federal’s offering of this straightforward checking account brings them into the forefront of national banking access efforts, and we thank them.”

“We are honored to receive Cities for Financial Empowerment Fund’s certification and so excited by what our PFBoost account will do to provide high quality, secure banking services for so many who have not had access to them,” commented David P. Barksdale, Piedmont federal chief executive officer. “The development work we are doing with initiatives such as the PFBoost account is entirely consistent with our core values to build caring relationships, do what’s right, and move forward together with everyone in the communities we serve.”

Bank On’s goal is to ensure that everyone has access to safe, affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs. PFBoost features a low monthly cost, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. PF Boost Checking is available in all of Piedmont Federal‘s branches across the Piedmont Triad and Northwest North Carolina regions.

“Many people not using mainstream banking services have turned to other financial options with high fees and without the important services and opportunities accounts like PFBoost provide,” explained Ginger Salt, Piedmont Federal’s chief experience officer. “We are removing the complexities and concerns holding back many in our communities who may feel they will not meet account qualifications or simply desire a straightforward account from a bank focused on them and their community.”

With the addition of PFBoost, accounts that meet Bank On National Account Standards are now available at almost 39,000 branches in all 50 states and Washington, D.C.; financial institutions with Bank On certified accounts already comprise over 52% of the national deposit market share. In addition to PFBoost, over 150 other financial institutions with Bank On certified accounts are available across the country. Data collected by 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 three quarters of them opened by consumers new to the financial institutions.

CFE Fund leads the national Bank On movement, supporting 90 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 www.cfefund.org/bankon .