A New Haven program that helps connect underserved residents with safe and affordable banking is expanding statewide.
The Connecticut Association for Human Services (CAHS) announced that its Bank On New Haven initiative is now named Bank On Connecticut.
The program, one of 90 around the country, aims to increase access to banking by sharing information about accounts that have no overdraft fees and a low or no monthly cost, according to the organization’s website.
Bank accounts will be provided by Bank On Connecticut’s four bank partners — Bank of America, Chase, Key Bank and Wells Fargo.
The Cities for Financial Empowerment (CFE) Fund provided a $25,000 grant to CAHS to support the expanded program, according to a news release.
Jonathan Mintz, president and CEO of the CFE Fund, said in a statement that the COVID-19 pandemic has underscored the need for a mainstream bank account.
He said access is essential “to directly deposit stimulus, unemployment and other emergency payments; to pay bills electronically; and to access funds without going in person to predatory services like check-cashers or payday lenders.”
According to a 2017 FDIC national survey, around 5.5% of Connecticut’s population is “unbanked” and 15.3% is considered “underbanked.”
The program is looking for more financial institutions to offer Bank On-certified accounts, which must offer a debit or prepaid card and online bill pay, in addition to being low-cost and free from overdraft fees.
Learn more about the program here.
Contact Natalie Missakian at news@newhavenbiz.com
