June 15, 2026, Capitola, CA– Today, Bay Federal Credit Union announced that its HarborLight Checking Account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2025 - 2026). The National safe account Standards, co-created by consumer advocates, leading national nonprofit 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 the HarborLight Checking Account include a waivable monthly charge of only $5, no overdraft or insufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. The HarborLight Checking Account is available in every one of Bay Federal Credit Union‘s eight branches across Santa Cruz, San Benito, and Monterey Counties.  

 “At Bay Federal Credit Union, we believe that access to safe, affordable financial services is essential to building financial confidence and stability,” said Carrie L. Birkhofer, President and Chief Executive Officer of Bay Federal Credit Union. “The Bank On certification of our HarborLight Checking Account reflects our ongoing commitment to providing practical solutions that support our members' financial well-being." 

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Bay Federal Credit Union’s HarborLight Checking Account,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “The HarborLight Checking Account offers Bay Federal members who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Bay Federal Credit Union’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.” 

The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.  

With the addition of the HarborLight Checking Account, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise two-thirds of the national deposit market share. In addition to HarborLight Checking Account, there are over 500 other Bank On certified accounts available at financial institutions across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; since their offering, millions of consumers have opened Bank On certified accounts, with approximately 85% of them opened by consumers new to the financial institutions.  

The CFE Fund leads the national Bank On movement, supporting 100 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Bluesky @cfefund.bsky.social #BankOn. 

About Bay Federal Credit Union 

Bay Federal Credit Union is a full-service, not-for-profit financial institution that serves over 96,000 members, including 3,100 local businesses and nonprofit organizations throughout Santa Cruz, San Benito, and Monterey counties. With more than $1.8 billion in assets, Bay Federal is the largest member-owned financial institution in the region. The organization has been proudly serving its members and the community since 1957. Bay Federal is a certified Community Development Financial Institution, with a primary mission of promoting community development alongside their financial activities. Bay Federal has an award-winning employee volunteer program in which employees have given their own money and volunteer for numerous local schools, nonprofit organizations, and community events each year. 

About the Cities for Financial Empowerment Fund (CFE Fund) 

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 150 cities and counties, and has disbursed over $75 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Bluesky at @cfefund.bsky.social. 

About Bank On  

The CFE Fund’s national Bank On movement supports local coalition and financial institution efforts to connect consumers to safe, affordable banking accounts as a fundamental component of financial stability. Already, over 500 accounts at banks and credit unions nationwide – representing over two-thirds of the national deposit market share –  are certified as meeting the Bank On National Account Standards, which designate both core and strongly recommended features that ensure low cost, no surprise fees, high functionality, and consumer safety. More than 100 Bank On coalitions across the country are working to connect unbanked and underbanked individuals to certified accounts, often through leveraging large-scale government program and payment opportunities. Visit www.joinbankon.org for more information.