United Way of Central Florida

United Way Helps Families to Banking Success

NEWS from United Way of Central Florida
August 31, 2012
863-648-1500 x 241

United Way Helps Families to Banking Success

10,000 Polk households conduct their financial affairs without any kind of bank account. United Way says that keeping money in the home puts families at risk of theft and violence and wants to help families into financial accounts.

This fall United Way family service partners are offering banking classes to get families into bank accounts and help them accumulate $300 in savings as a start for an emergency savings account. The project is called BankOn! Central Florida. Participating bank and credit unions agree to open bank accounts for individuals when they complete the financial classes that explain the banking system, checking accounts, debit cards and more.

United Way partners will case manage individuals who may have dishonored checks in their past, which keeps them from accessing the banking system. After taking the BankOn! class and repaying past checks, participating banks say they'll try and help individuals get back into bank accounts.

An FDIC survey of unbaked households showed that the average unbanked person spends five percent of net income on unnecessary fees buying check cashing services. For a lower-to-medium income worker, this amounts to about $1,000 in fees per year, or $40,000 over an average working life. United Way hopes the BankOn! classes will help.

BankOn! classes will be held in Bartow, Fort Meade, Mulberry, Lakeland and Winter Haven. For more information, call the universal human service information number: 2-1-1.

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