Banker & Tradesman photo / file

Berkshire Bank has joined the national Bank On initiative to reach unbanked and underbanked consumers by offering a checking account with no overdraft charges or monthly maintenance fees.

The Boston-based bank has launched MyFreedom Checking with limited fees to help consumers experiencing financial pressures and to give those consumers continued access to banking services, Berkshire Bank said in a statement.

The new checking account has been certified by the New York-based nonprofit organization Cities for Financial Empowerment Fund as meeting national standards for Bank On products. The CFE Fund provides financial institutions with product guidelines to meet the needs of low-income consumers who might be considered underbanked or unbanked.

The account is available in all of Berkshire’s markets and is also offered through the Bank On Boston coalition.

“Berkshire Bank’s MyFreedom product will connect unbanked and underbanked residents with reliable financial services to help them save, grow, and access their money,” Berkshire Bank said in a statement. “Many of these residents currently may rely on costly check-cashing services, which proliferate in low-income communities and communities of color.”

Along with having no charges for overdrafts or monthly maintenance fees, the MyFreedom checking account offers mobile banking with mobile deposit, and customers have access to Berkshire Bank’s Greenpath Financial Wellness programs and several other benefits.

“With the designation, Berkshire Bank asserts our focus on alleviating the banking disparities in low-income communities to ensure equal access to financial stability,” Tami Gunsch, Berkshire Bank’s head of consumer banking, said in the statement.

Berkshire Bank said the MyFreedom account would assist disproportionately affected low-income households, noting that one in four U.S. adults are considered unbanked or underbanked in the U.S. and pay almost $200 billion a year in fees and interest on financial products.

“When we talk about financial security and creating wealth, having the right place to bank is paramount to the process,” Gunsch said. “Banking without the day-to-day concern of penalties or extensive fees can help account holders to move forward on their financial plan.”

More than 80 bank and credit union products have been certified by the CFE Fund, which also partners with local coalitions, including Bank On Boston, on initiatives to reach the unbanked and underbanked. Banks and credit unions partnering with Bank On Boston to offer accounts now include Berkshire Bank, Bank of America, Chase Bank, Metro Credit Union and USAlliance Financial.

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Berkshire Bank’s MyFreedom Checking account,” Jonathan Mintz, president and CEO of the CFE Fund, said in the statement. “MyFreedom Checking offers Boston residents working to improve their finances a safe, affordable, and truly useful mainstream banking product – especially critical during COVID-19, as consumers need to access and manage their money safely and affordably. Berkshire Bank’s partnership with Bank On Boston, and their MyFreedom Checking account, is an important contribution to bringing Bostonians into the financial mainstream, and we thank them.”