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Tompkins Community Bank Expands Access to Banking, Launches No Overdraft Account

This post expresses the views and opinions of the author(s) and not necessarily that of Hudson Valley News & Events management or staff.

Following the kickoff of National Financial Planning Month on October 1, Tompkins Community Bank has announced the launch of Smart Spend, a unique 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 Dave DeMilia, president of Tompkins, Hudson Valley. “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 13 branches serving the Dutchess, Putnam and Westchester counties in the Hudson Valley. Key features of the account include a monthly maintenance cost of only $5.00, 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, please visit https://www.tompkinsbank.com/.

Smart Spend is officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards for 2021–2022. 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.

About Tompkins

Founded in 1836, Tompkins Community Bank serves the Central, Western, and Hudson Valley regions of New York, and the Southeastern region of Pennsylvania. Through their unique local decision-making model, the bank offers personalized service and exceptional responsiveness, while delivering a broad range of products and services for consumers and businesses. Insurance services are offered through Tompkins Insurance Agencies, and wealth management services are available through Tompkins Financial Advisors. Further information is available at www.tompkinsbank.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 $59 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 over 90 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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