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Zions Bancorporation’s OnBudget® Banking, a No-Overdraft-Fee Account, to Help Bring More Consumers Financial Stability

Zions Bancorporation’s OnBudget® Banking, a No-Overdraft-Fee Account, to Help Bring More Consumers Financial Stability

OnBudget Banking receives national certification for meeting extensive affordability and accessibility standards

Zions Bancorporation, N.A. (NASDAQ: ZION) has achieved Bank On certification for its no-overdraft-fee deposit account from the Cities for Financial Empowerment Fund. The product, called OnBudget Banking, is designed to help consumers more predictably manage their funds and save money on expensive products offered by financial services firms outside of the banking industry. The account features a modest monthly service charge and no overdraft fees and includes a Visa® debit card for making payments and accessing funds.

The product fills a gap for segments of consumers, including the unbanked and underbanked, who cite in a 2019 FDIC survey common reasons for using nontraditional deposit accounts outside the banking industry, like not being able to meet the minimum balance requirement and unpredictable fees.

“We’re pleased to be part of an industry-wide effort to promote economic inclusion by creating products to help consumers achieve greater financial stability,” said Harris H. Simmons, Chairman and CEO of Zions Bancorporation. “In the absence of a basic deposit account, consumers might turn to high-fee alternative financial services and miss out on security in their deposits and the ability to build assets and save for the future. OnBudget Banking can help meet the needs of individuals and families working paycheck to paycheck.”

The 2019 FDIC survey shows that close to 5% of U.S. households (approximately 12 million adults) are “unbanked,” without a checking or savings account, and almost 11% of U.S. households (approximately 24 million adults) are underbanked, meaning they still use some fringe financial services. These groups typically have lower income, with 34% of unbanked and 45% of underbanked households earning less than $30,000 per year.

A growing number of banks are recognizing the importance of financial inclusion, and Zions expects its OnBudget Banking product to help narrow the gap in racial disparity among those holding bank accounts. The FDIC survey reveals that nationally, 48% of Black households and 42% of Hispanic households are unbanked or underbanked, compared to less than 14% of white households.

Obtaining Bank On certification is part of Zions Bancorporation’s ongoing commitment to furthering economic inclusion. The company recently launched a Supplier Diversity Program aimed at bringing more diverse businesses to its supply chain and a Small Business Diversity Banking program, expanding credit access to small businesses owned by ethnic minorities, women and veterans.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $2.8 billion in 2020 and more than $85 billion of total assets. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending, recently ranking as the tenth largest provider in the U.S. of the SBA’s Paycheck Protection Program loans. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at

Zions Bancorporation, N.A. Member FDIC

James Abbott
Tel: (801) 844-7637

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