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March 15, 2022

Liberty Bank launches BankSmart affordable option

PHOTO | COSTAR A Liberty Bank branch in Bristol.
By Michelle Tuccitto Sullo

Liberty Bank this month unveiled a new product called BankSmart, a new deposit banking account featuring no overdraft fees.

According to the Middletown-based bank, its goal is to connect underbanked and unbanked consumers to affordable banking accounts to help them build savings.

Approximately 21% of Connecticut households are underbanked or unbanked, Liberty noted, citing an FDIC survey. 

Glenn Davis, Liberty’s first vice president, community development and Community Reinvestment Act (CRA) officer, said COVID-19 has taken a “heavy financial toll” on residents. 

“The Liberty BankSmart account enables us to improve individual and family financial stability using conventional banking services as a viable alternative to high cost options,” Davis said, in an announcement.

Through BankSmart, the bank aims to help customers build savings, better positioning them for opportunities like homeownership, bank officials said.

BankSmart includes free, 24-hour in-network ATM and online banking access; free monthly e-statements; a debit MasterCard enabling customers to spend and access their cash anytime; and a mobile banking app to send money, deposit checks, freeze and unfreeze debit cards, and set up alerts to monitor balances and transactions, according to a press release.

The minimum opening deposit is $25. 

BankSmart comes with a $3.95 monthly maintenance fee, though this is waived for customers aged 26 or less, and those aged 65 or older. While e-statements are free, If customers prefer paper statements, there is a $2 fee.

BankSmart features no overdraft fees. The bank will decline or return transactions if there isn’t enough money in the account to cover a charge. 

David W. Glidden, Liberty Bank’s president and CEO, said the bank wants to help its customers grow financially.

“Families often pay too much for basic financial transactions and are hard pressed to build savings and assets,” Glidden said. “This is where Liberty BankSmart can make a difference.” 

Established in 1825, Liberty Bank reports having more than $7 billion in assets, and 56 banking offices across Connecticut with one in western Massachusetts.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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