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Frequently Asked Questions

 

How can I check if my bank offers Bank On? 

Ask your local branch if they offer the program or go to the Bank On website where there is a list of participating banks. 

 

How do you open a Bank On account? 

Go to local bank and specifically ask to open an account with Bank On standards. 

 

Is there a minimum opening Deposit? 

$25.00 or less 

 

Is there an Overdraft fee? 

No, the program is structured so that no overdraft fee is allowed. 

  

Is there a monthly maintenance fee? 

In some instances, there is a maintenance fee but in most cases fees can be waived.  

 

Are there new account screenings? 

Yes, account applicants will only be denied if there is past incidences of fraud. 

 

Are there mobile deposits? 

Yes, mobile deposits are available.  

 

Is there remittances? 

Depending on the location the remittance prices could range from $5.00 - $20.00.  

 

What type of credit building opportunities does Bank On offer? 

Although opening a bank account itself does not build credit, making connections to banks and financial institutions is a step towards accessing credit cards and small amount loans, thus creating credit. 

 

Is there a minimum age to join Bank On? 

No 

 

How would Bank On help Students save for student loans? 

One of the main goals of the Bank On account is to teach how to manage finances and make saving for the future easier. With its multiple features that help build credit and save, it will be easier for students to accumulate money to help pay for loans. 

 

What would make students open a Bank On account? 

The tools used to manage money make it easier to track money and ensure good saving habits for students.  

 

Would any of the incentives change if a student attends school out of state? 

No 

 

If a student were to live out of state but attend school in the State of Illinois can they still participate in the Bank On program? 

Yes. The program applies to all banks that participate on the program.