The exchange for the debt economy
| New certification expands access to safe, affordable banking for un- and underbanked Southern Arizona communities TUCSON, AZ. – February 3, 2025 – Tucson Federal Credit Union (TFCU) has made history as the first and only credit union in Arizona to earn national certification from the Cities for Financial Empowerment Fund’s Bank On initiative. This national platform is supported by more than 100 local coalitions nationwide and over 500 banks and credit unions across the country, serving more than 11 million people. The Bank On movement, led by the New York–based nonprofit Cities for Financial Empowerment Fund (CFE Fund), works to ensure everyone has access to safe, affordable, and functional banking. According to the Federal Reserve Bank of St. Louis, “Having access to basic banking services is an essential component of achieving economic stability and building wealth. Without a bank account, households may face challenges in saving reliably or automatically and in establishing a banking relationship that can lead to access to affordable credit.” Bank On Arizona, an initiative of Dress for Success Phoenix, reports that more than 18% of Arizona households are unbanked or underbanked. The TFCU product, MyMoney Checking, is now available at all TFCU branches. MyMoney Checking meets the Bank On National Account Standards, offering:
“For over 80 years, TFCU has been part of the financial landscape in Tucson, with a core belief that everyone deserves to be seen and heard no matter their personal circumstances.” said Matthew Gaspari, President & CEO of TFCU. “By launching this nationally certified Bank On account, we are removing obstacles that have historically kept the most vulnerable in our community unbanked and underserved. At Tucson Federal Credit Union, we meet our members where they are. Through this partnership with Bank On, we are meeting our community where they are with a safe, affordable, and truly local financial home that reinvests in the prosperity of Pima County one person at a time.”
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