Tompkins Community Bank has launched Smart Spend, a new checking account that qualifies for “Bank On” certification. The new product aims to expand community access to banking through the elimination of overdraft fees for accountholders. In addition to minimizing opportunities to overdraw, the Smart Spend accounts have no minimum balance requirement, making it one of Tompkins’ most inclusive banking options for underbanked or previously unbanked community members.
“Offering Smart Spend will make banking more equitable and accessible for all in our community, and it’s an important step in the right direction,” said John McKenna, president of Tompkins, Western New York and CEO of Tompkins Community Bank. “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.”
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. For a schedule of upcoming events and instructions on registering, please visit https://www.tompkinsbank.com/about-us/community-events.
Smart Spend is now available in all 16 branches serving the Genesee, Livingston, Orleans, Wyoming and Erie Niagara counties in Western New York. Key features of the account include a monthly maintenance cost of $5, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. In addition to the new program, Tompkins has also developed a corresponding Smart Spend savings account, available only to Smart Spend checking account holders. For more information, visit https://www.tompkinsbank.com/.
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