First State Bank chosen for national FDIC pilot program
Posted: Wednesday, March 30, 2011 6:02 pm
First State Bank was selected by the FDIC as one of only nine banks across the United States to participate in the FDIC Model Safe Accounts Pilot.
The selection was the result of a competitive process that was based, in part, on First State’s reputation for sound operations and strong commitment to community involvement.
The pilot is a case study designed to evaluate the best practices of banks offering safe, low-cost transactional and savings accounts that are responsive to the needs of underserved consumers.
In announcing the project, FDIC Chairman Sheila C. Bair said, “Our goal is to highlight accounts that are not only safe and affordable for the over one-quarter of consumers who are not fully utilizing mainstream banks but also are feasible for banks’ bottom lines.”
Access to mainstream financial services at an insured institution provides consumers with a safe place to save, conduct basic financial transactions affordably, build a credit history and access credit on favorable terms, and achieve financial security.
The nine financial institutions selected to participate in the pilot will offer electronic deposit accounts with core product features identified in the FDIC Model Safe Accounts Template.
First State Bank is now offering its new Safe Checking and Safe Savings accounts to people who currently do not have or never had a banking relationship.
These low-cost, checkless accounts provide previously-unbanked customers with a VISACheckCard, free on-line banking and bill pay, direct deposit, free electronic statements, automatic savings transfers and other services including free financial education resources.
First State Bank has partnered with local non-profit organizations to reach consumers who may benefit from the Safe Checking and Safe Savings accounts.
These organizations are sharing information about the accounts with their clients and others who are seeking financial stability.
The partnering non-profit organizations are as follows: U.T. Agricultural Extension Service in Madison, Dyer, Gibson, Weakley, and Henderson counties; Area Relief Ministries in Jackson; Regional Inter-Faith Association in Jackson; West Tennessee Legal Services in Jackson and serving most West Tennessee counties; Jackson Housing Authority in Jackson; Matthew 25:40 in Dyersburg; We Care Ministries in Martin; Martin Housing Authority in Martin; Reelfoot Rural Ministries in Obion and serving Northwest Tennessee counties; RISE Foundation in Memphis; The Salvation Army in Jackson and Dyersburg; Northwest Safeline in Dyersburg; WRAP in Jackson and serving several West Tennessee counties and Southwest Human Resource Agency in Henderson and serving eight Southwest Tennessee counties.
If you feel you are eligible for a Safe Checking or Safe Savings account, please visit your local non-profit organization listed above.
For further information about the project or the accounts being offered, you also may contact Barry Matthews, First State’s Vice President of Community Relations and Business Development at 731-984-7924.