NYSIF Releases New Request for Information, Partners with CFE Fund to Identify Financial Institutions Who Can Provide Certified Low Fee Accounts to Unbanked Injured Workers

New York, NY, Sept. 29, 2026 (GLOBE NEWSWIRE) -- The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurance provider, today announced a Request for Information for financial institutions to provide information on potential resources to connect injured workers to low-cost bank and credit union accounts, with guidance from the national nonprofit Cities for Financial Empowerment Fund (CFE Fund). The CFE Fund is collaborating with NYSIF to identify and reduce barriers NYSIF’s unbanked injured workers face in obtaining safe, affordable bank and credit union accounts.

The CFE Fund, a 501(c)3 nonprofit, has led the national Bank On movement since 2015; a core part of the initiative is the Bank On National Account Standards, which define the features of safe, affordable banking accounts with no overdraft and low or no fees. This work draws on the CFE Fund’s expertise in improving the financial stability of low-and-moderate income households by embedding financial empowerment strategies into government infrastructure and the CFE Fund’s extensive relationships with hundreds of banking partners.

As a first step, NYSIF is issuing a Request for Information (RFI) to local financial institutions who offer no or low-cost fee bank or credit union accounts that meet the CFE Fund’s Bank On National Account Standards. Accounts that meet Bank On Standards are 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.

"Workplace injuries are already one of the most devastating setbacks that hundreds of thousands of workers across New York experience every year,” said NYSIF’s Executive Director and CEO Gaurav Vasisht. "Unbanked injured workers face even more challenges as without a bank account they must wait longer to receive their workers’ compensation checks in the mail and pay additional fees to access those payments,” Vasisht added.

New York State Department of Financial Services Acting Superintendent Kaitlin Asrow said, "Access to a safe, affordable bank account is a critical foundation for financial stability. New York State has taken an important step by allowing state-regulated banks to offer Bank On-certified accounts, which provide affordable banking with no overdraft, inactivity or low-balance fees. We appreciate NYSIF’s support of Bank On and encourage qualifying financial institutions to join this effort to help more New Yorkers build long-term financial security.”

Unbanked injured workers cannot receive direct deposit and therefore can only receive their workers’ compensation benefits through paper checks leaving them to face additional unnecessary costs, such as fees at check cashers, and reducing the value of the benefits intended to support them during recovery.

"We look forward to assisting NYSIF as it works to connect injured workers waiting for compensation to safe banking opportunities for fast, reliable access to every dollar they’re owed - avoiding costly and unnecessary fees,” said Jonathan Mintz, President and Chief Executive Officer, Cities for Financial Empowerment Fund. "Every account certified as meeting the Bank On National Account Standards offers a safe, affordable, and fully functional way to receive and manage that money, without overdraft or surprise fees.”

Since 2022, NYSIF’s direct deposit campaign has significantly reduced the time it takes to receive workers’ compensation benefits. Direct deposit enables injured workers and paid family leave claimants to receive benefit payments 7-10 days faster than with a mailed paper check. Enrollment has nearly doubled since 2022 with an 81% increase in workers receiving direct deposit. NYSIF has also further accelerated direct deposit payments by adopting Same-Day Automated Clearing House (ACH) payments. At the start of 2026, NYSIF surpassed the 2 million payment mark for same-day ACH.

In April 2026, NYSIF also launched a financial education campaign. The campaign included a dedicated education page with easy-to-follow guides, tips, and practical tools to avoid unnecessary fees and protect against fraud.