FARMINGTON, Conn – April 13, 2017 – Farmington Bank today announced the formal introduction of its Fresh Start Checking account created to help individuals who do not have a checking or savings account due to bad credit, past problems with consumer reporting agencies, or have less-than-perfect banking history.
“Farmington Bank is deeply committed to the community, and we believe it’s our responsibility to provide banking solutions that consumers need to help them reach their financial goals,” said Kenneth F. Burns, executive vice president and director of retail and marketing at Farmington Bank. “Fresh Start Checking is a great alternative banking solution for consumers who may have had difficulty opening an account in the past.”
According to the 2015 Federal Deposit Insurance Corporation (FDIC) National Survey of Unbanked and Underbanked Households, 7 percent of households in the United States did not have a bank account and close to 20 percent were underbanked (household has bank account and also uses an alternative financial services provider, such as money order or check cashing). Households cited minimum balance requirements and unpredictable fees as some of the reasons they lacked a bank account. Many of these consumers face significant fees when using money orders to pay bills and prepaid debit cards to make purchases. Farmington Bank’s Fresh Start Checking has no minimum balance requirement and a flat service fee of $10 per month, offering an alternative to these costly services.
Fresh Start Checking comes with free services including the Farmington Bank Mobile Banking App, Online Banking, and a MasterCard® Standard Debit Card. For more information and for full terms and conditions, visit Fresh Start Checking page.
In addition to today’s Fresh Start Checking announcement, Farmington Bank reinforced its commitment to the community and financial literacy by announcing donations to the Connecticut Association for Human Services and the YMCA Larson Community Center in East Hartford, site of today’s event.
Joining in today’s announcement was Connecticut Congressman John Larson. "I am proud to stand here today with Farmington Bank in front of the Larson Center, named after my late mother, as they bring these essential banking services to East Hartford and continue their commitment to the community," said Larson. "Those without affordable, easy access to banking services end up paying more in time and money for basic, everyday tasks such as paying bills or getting cash. I commend Farmington Bank for expanding access to consumers who are too often overlooked. This will go a long way towards helping working class families get a leg up."
“In Mayberry Village of East Hartford, where I was raised, I learned the value of hard work and importance giving back,” said Patrick. “I’m proud to be back here to announce Farmington Bank’s Fresh Start Checking and our contributions to the YMCA Larson Community Center and the Connecticut Association for Human Services. Both of these great organizations provide the assistance needed to help people lead more stable lives, and that’s been the goal of Farmington Bank since our founding 166 years ago.”
Farmington Bank offers financial literacy seminars to groups throughout central Connecticut and western Massachusetts. Please contact Christine Traczyk at 860-284-6611 if interested in scheduling a seminar.