New Fellowship Deploys Local Leaders to Close America's Banking Gap

NEW YORK, NY – April 20, 2026 – In a significant push to bridge the final gaps in financial inclusion, the Cities for Financial Empowerment Fund (CFE Fund) today announced the launch of its fifth national Bank On Fellowship cohort. Supported by a new $1 million grant from the Wells Fargo Foundation, the initiative will place five full-time financial access leaders in key American cities for two-year terms. These fellows are tasked with an ambitious goal: connecting the nation's most financially vulnerable residents to the stability of mainstream banking.

The new cohort will focus on hyper-local efforts in Jacksonville, FL; Miami, FL; Philadelphia, PA; Salt Lake City, UT; and San Diego, CA. This initiative comes at a time of unprecedented progress, with the national unbanked rate falling to a historic low of 4.2%. Yet, millions of households still operate outside the financial mainstream, relying on costly and often predatory alternative services. The Bank On Fellows program aims to tackle this persistent challenge by embedding dedicated experts within communities to build the trust and infrastructure needed for lasting change.

The Proven Power of the Bank On Model

The Bank On movement is not a speculative venture; it's a data-backed success story that has been quietly reshaping the American financial landscape for over a decade. The latest report from the Bank On National Data (BOND) Hub, a joint project with the St. Louis Federal Reserve, reveals the program's staggering scale. More than 14 million Bank On certified accounts are currently open nationwide, with a remarkable 4.8 million of those opened in 2024 alone.

Crucially, the data shows the program is reaching its intended audience. In 2024, a staggering 84% of customers who opened a Bank On certified account were new to that financial institution, a clear indicator that the initiative is successfully bringing previously unbanked individuals into the formal banking system. These are not dormant accounts; in 2024, users deposited over $260 billion and conducted more than 341 million debit transactions per month, demonstrating active and meaningful engagement with the financial system.

"Banking access is foundational to financial stability," said Jonathan Mintz, President and Chief Executive Officer of the CFE Fund, in a statement. "A safe, affordable, mainstream account is critical to helping people manage their money and improve their financial health. Bank On coalitions across the country connect people to safe accounts at scale, and a dedicated coalition leader will only supercharge this work."

A Strategic Partnership for Systemic Change

The collaboration between the CFE Fund and the Wells Fargo Foundation represents a powerful model of public-private partnership aimed at creating systemic change. The latest $1 million grant brings Wells Fargo's total support for the Bank On Fellows program to over $4.8 million since 2016. This is not merely philanthropy; it is a strategic investment aligned with a corporate mission to foster financial health and inclusion.

This long-term commitment recognizes that solving a complex issue like financial exclusion requires sustained effort and dedicated, professional leadership at the local level. The fellows act as catalysts, aligning the efforts of local governments, financial institutions, and community organizations to create a unified front against financial insecurity.

"Expanding banking access requires strong local leadership," noted Bonnie Wallace, Head of Financial Opportunity Philanthropy at Wells Fargo. "The proven Bank On Fellows model places full-time leaders in established and new coalitions to align local efforts and expand access to safe, affordable banking."

By funding full-time positions, the program moves beyond volunteer-led efforts, enabling a more professional and intensive approach. The incoming fellows will step into leadership roles within established coalitions in their respective cities, allowing them to immediately leverage existing partnerships and accelerate progress.

What Makes a 'Bank On' Account Different?

At the heart of the movement's success are the Bank On National Account Standards. Developed by the CFE Fund with federal regulators and industry leaders, these standards provide a clear benchmark for what constitutes a truly safe and consumer-friendly bank account. To be certified, an account must have features that directly address the reasons people avoid banks in the first place.

Key features include:
* No Overdraft Fees: This eliminates the risk of surprise penalties that can spiral into debt.
* Low, Transparent Costs: Monthly fees are typically $5 or less, and all potential costs are clearly disclosed.
* Full Functionality: These are not stripped-down products. They include a debit card, free online bill pay, and robust mobile banking capabilities.
* Accessibility: The standards encourage features like low opening deposit requirements (often $25 or less) and access to a wide network of ATMs.

This consumer-centric design has spurred widespread adoption. Over 500 banks and credit unions across the country now offer a certified account, representing more than two-thirds of the U.S. deposit market share. This means that for the first time, a safe, affordable banking option is available to the vast majority of Americans, regardless of their income or banking history.

Tackling the 'Last Mile' of Financial Inclusion

While the national statistics are encouraging, the battle for financial inclusion is won on the ground, one community at a time. This is where the Bank On Fellows play their most critical role. They are tasked with solving the "last mile" problem—bridging the gap between the availability of safe products and the residents who need them most.

Challenges remain significant. Distrust of financial institutions, often rooted in past negative experiences or generational skepticism, is a major hurdle. For others, logistical barriers such as documentation requirements, language differences, or simply not knowing where to start can feel insurmountable. The fellows' work involves building trust through community outreach, providing financial education, and integrating banking access into other social services, such as workforce development programs and housing assistance.

In cities like San Diego, where an estimated 8% of the population is underbanked despite a low unbanked rate, the fellow's work will be nuanced, focusing on helping residents transition from high-cost services to more stable financial products. In all five cities, the fellows will join a national network of over 100 local coalitions, sharing best practices and contributing to a growing body of knowledge on what works to bring the hardest-to-reach populations into the financial mainstream.