The Center for Hunger-Free Communities

Solutions Based on Science and the Human Experience

“I filed for disability for my daughter and of course that takes at least four to six months to even go through.  So once I do that, then a lot of things will change.  They will take my food stamps away so it’s like I can’t win.  They give me the help with her, but at the same time they’re taking food out of my house because I have extra income, because they think that I have more because there’s more money coming in that I don’t need—my food stamps, as much as they give me, which is nowhere near true.”

Banking

A significant segment of the American population remains either unbanked (i.e. without a checking or savings account) or underbanked (i.e. having a bank account but also relying on alternative financial services). In 2009, the Federal Deposit Insurance Corporation(FDIC) reported that one in four U.S. households are either unbanked or underbanked – representing approximately 60 million adults. Instead of performing financial transactions in the traditional banking system, the unbanked and underbanked often depend on the more costly alternative financial sector, which consists of pawnshops, payday and short-term lenders, tax preparers, check cashing establishments, and rent-to-own facilities.

Current Issue

Many families are hesitant to participate in traditional banking for fear of hidden fees and minimum balance requirements.

Bank on Philadelphia is a unique partnership with banks to provide no-fee accounts for low-income families. It is important for all community-based organizations and social services agencies to know about and refer families to these banking opportunities.

 

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