Bank On CT is continuing to expand, with more state banks participating in the program, which is designed to lift barriers that prevent many low-income people across the state from accessing bank accounts.
To date, nine banks are participating, with Newtown Savings Bank joining as of April.
The program, one of 90 in the U.S., aims to offer specialized services to underserved banking populations.
Bank of America, Chase, KeyBank, Wells Fargo, New Haven Bank, Thomaston Savings Bank, Dora, and M & T Bank are also involved.
Ken Weinstein, Newtown Savings Bank President and CEO, said the bank is proud to be one of the first banks in Connecticut to participate in this program and help increase the number of banked individuals in the state.
“We share the goal of Bank On CT to bring as many of our neighbors as possible into the mainstream banking system,” Weinstein said. “What makes the Bank On program so compelling is that it is a constructive approach to joining forces to address a problem in our society.”
Newtown Savings Bank, which is opening a new branch in Bridgeport this summer, will offer cost saving options to Bank On customers including a certified account that comes with no overdraft charges and low fees, according to Weinstein.
In the midst of COVID-19, Connecticut resident Melissa Reid needed quick assistance not only filing for her stimulus payment, but setting up a checking account for the first time. Thanks to Bank On CT, she was able to open an account online with KeyBank, which resulted in her receiving $1,200 and saving over $300 in tax preparation fees.
Jonathan Mintz, president and CEO of the Cities for Financial Empowerment Fund, believes that now is an especially critical time for people like Reid who do not have banking services during COVID-19.
“The COVID-19 pandemic has demonstrated how essential a mainstream banking account is – 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,” Mintz said. “Bank On coalitions across the country do critical work to help people access safe, affordable accounts, and we are thrilled to see this effort expand across the state through Bank On CT.”
Tanya Wulff Truax, vice president and public relations director at Newtown Savings Bank, said they are looking forward to seeing signups in the coming months.
For a full list of participating banks in Connecticut and more information, click HERE.
Contact Joanna Smiley at jsmiley@newhavenbiz.com
