Bank Launches Perfect Fit Deposit Account

Mars Bank Perfect Fit Account BankOn National Account Standards 2021-2022 Approved certified December 2021 Cities for Financial Empowerment FundMars Bank launched the Perfect Fit Account, a digital-first product that is officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (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.

Mars Bank’s Perfect Fit Account is one of 185 nationally certified Bank On accounts; there are 25 such accounts in Pennsylvania.

Some statistics from the Federal Deposit Insurance Corporation (FDIC) on the underserved in the United States:

  • Close to 5% of U.S. households (approximately 12 million adults) are “unbanked,” without a checking or savings account.
  • Almost 11% of U.S. households (approximately 24 million adults) are underbanked, meaning they still use some fringe financial services.
  • Nearly 34% of unbanked and 45% of underbanked households earn less than $30,000 per year.
  • Nationally, 48% of Black households and 42% of Hispanic households are unbanked or underbanked, compared to less than 14% of white households.

Mars Bank’s Perfect Fit Account provides free services to account owners: a debit card with no fee access to 55,000+ ATMs nationwide, online and mobile account access, mobile bill pay and person-to-person payments. Plus, the account has no overdraft fees.

“As a community bank our goal is to help individuals, families, and organizations reach their financial goals,” said Jim Dionise, President and Chief Executive Officer of Mars Bank. “This account, along with our financial education resources, and the Perfect Fit Mortgage product for low-to-moderate income buyers are steps in our ongoing effort to meet the needs of our least-served community members.”

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Mars Bank’s Perfect Fit Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “The Perfect Fit Account offers residents of western Pennsylvania who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product– this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely. Mars Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”

Compare the Perfect Fit account to other checking products and apply online by clicking here.