Provident Bank Receives National Certification by Consumer Advocates for Safe, Affordable Account

RIVERSIDE, Calif., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc., NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Provident Bank”) announced that its Teen Checking account was officially certified by the Cities for Financial Empowerment Fund (“CFE Fund”) as meeting the Bank On National Account Standards (2023 - 2024). The standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended account features that ensure low cost, high functionality, and consumer safety.

Key features of Teen Checking include no monthly service charge, no overdraft or nonsufficient fund fees, a debit card, digital banking, the ability to pay bills and make purchases, and federal deposit insurance. Teen Checking is available in every one of Provident Bank’s 13 branches across the Inland Empire.

“Provident Bank is excited to offer its second certified Bank On account, Teen Checking along with eVantage Checking, to the residents of Riverside and San Bernardino Counties. These accounts ensure we are continually providing low-cost banking solutions for the local communities we have served for over 65 years,” stated Gwen Wertz, Senior Vice President of Retail Banking.

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Provident Bank’s Teen Checking. Teen Checking offers teens between the ages of 13-19 who are looking to be introduced to the basics of money management a safe, affordable, and truly useful mainstream banking product to access and manage their money. Provident 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 Teen Checking, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share. In addition to Teen and eVantage Checking, there are close to 400 other Bank On certified accounts available at financial institutions across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; since their offering, millions of consumers have opened Bank On certified accounts, with approximately 80% of them opened by consumers new to the financial institutions.