Wausau, Wis. (May 31, 2022) Peoples State Bank announced that its Peoples Balance Banking account was 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 non-profit organizations, civic leaders, and other financial institutions designate both core and strongly recommended features that ensure low-cost, high-functionality, and consumer safety.
Key features of Peoples Balance Banking account include no fees for overdraft or nonsufficient funds, the ability to pay bills and make purchases, coverage by federal deposit insurance, for a monthly cost of only $5. Peoples Balance Banking is available in every one of Peoples’ ten branches in Wisconsin.
“If you’re looking for an affordable account that offers convenient digital banking tools like our other checking accounts, Peoples Balance Banking may be the right fit,” said Jeffrey Saxton, vice president – retail group leader. “With a low monthly cost and no overdraft fees, it provides the customer peace of mind in knowing what to expect with the account, along with allowing them to access our digital banking services to manage their finances.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Peoples Balance Banking account,” said Jonathan Mintz, president and chief executive officer of the Cities for Financial Empowerment Fund. “It offers Wisconsin residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product– this is especially important as consumers need to access and manage their money both affordably and safely. Peoples State Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
Anyone wishing to learn more about Peoples Balance Banking is encouraged to stop by a Peoples location or call the bank’s Customer Service at 888.929.9902.
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Peoples State Bank is a community bank headquartered in Wausau, Wisconsin, serving north, central, and southeast Wisconsin from ten full-service banking locations in Marathon, Milwaukee, Oneida, Vilas, and Waukesha Counties, as well as a commercial loan production office in Stevens Point, WI. Peoples provides financial services to business owners and individuals and investment and retirement planning services through Peoples Wealth Management, a division of Peoples. Peoples was founded in 1962 and has $1.3 billion in total assets. PSB Holdings, Inc., the parent company of Peoples State Bank, trades its common stock under the stock symbol PSBQ on the OTCQX Market. Peoples is an Equal Housing Lender and Member FDIC.
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.
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.