Tompkins Community Bank is expanding its service offerings in an attempt to reach people who don’t have bank accounts.
This week they announced the launch of its Smart Spend Checking Account. This account was officially certified by the National Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards.
“Offering Smart Spend will make banking more equitable and accessible for all in our community,” said Greg Hartz, president of Tompkins, Central New York. “It’s our hope that Smart Spend will cater to the ever-growing diversity of financial needs we serve, and allow more individuals to establish a financial footprint, securely build their credit history, and develop healthy saving and spending habits.”
The Smart Spend account includes many conveniences of traditional checking accounts like online bill pay and debit card access and was specifically designed for those taking steps toward financial wellness. It does not include overdraft protection, minimizes opportunities to overdraw the account, and eliminates overdraft fees.
Smart Spend is now available at all 12 branches in Tompkins, Cortland, Cayuga, and Onondaga counties. Key features include a monthly maintenance cost of only $5, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, free monthly statements, and no minimum balance. As part of its ongoing commitment to offering financial education, Tompkins hosts an ongoing series of free, virtual webinars on a variety of topics, including fraud protection, first-time homebuying, and overall financial wellness.