Amalgamated Bank Receives National Certification by Banking Advocates as Safe, Affordable Account

Amalgamated Bank Receives National Certification by Banking Advocates as Safe, Affordable Account

The Cities for Financial Empowerment Fund’s Bank On National Account Standards Certification of Amalgamated Restart Checking indicates that it meets over 25 features for safe and affordable consumer transaction accounts.

(New York, NY; Washington, DC) March 1, 2024 – Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL) and a mission-driven, full-service commercial bank that empowers organizations and individuals to advance positive social and environmental change, announced today that its Restart Checking account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2023 - 2024). 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.

Amalgamated Restart Checking offers customers with affordable, mainstream banking services regardless of their financial history. Key features include a monthly cost of only $3, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, a comprehensive suite of mobile and online banking capabilities, and federal deposit insurance. The Restart Checking is available in Amalgamated Bank‘s five consumer branches across New York, Washington D.C., and San Francisco.

“We’re honored to join the Bank On movement with our Restart Checking account now certified. As America’s Socially Responsible Bank, we’re committed to bridging the financial divide by making safe and functional banking solutions accessible to every individual and business. Restart Checking is a testament to this commitment, designed to offer people facing credit challenges a seamless path to obtaining checking services,” said Gillian McPherson-Champion, Senior Vice President, Director of Branch Banking at Amalgamated Bank. “With this certification, we are eager to collaborate with over 400 banks and credit unions that offer Bank On certified accounts, aiming to improve financial access and stability of unbanked and underbanked residents in our communities.”

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Amalgamated Bank‘s Restart Checking account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Amalgamated Restart Checking offers residents in New York, Washington D.C., and San Francisco who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Amalgamated Bank‘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. With the addition of Amalgamated Restart Checking, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, D.C.; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share.  
 

About Amalgamated Bank
Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based full-service commercial bank and a chartered trust company with a combined network of six branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Since their founding in 1923, Amalgamated Bank has used the power of banking to create impact and empower organizations and individuals to advance positive social change. Amalgamated Bank advocates alongside those working to make the world more just, compassionate, and sustainable. Amalgamated Bank is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. www.amalgamatedbank.com

About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $64 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.

About Bank On 
Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of almost 100 coalitions in cities across the country, offering National Account Standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn. 

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