The Center for Hunger-Free Communities

Solutions Based on Science and the Human Experience

“That’s the director of foster care and social services in Baltimore, Maryland. She and I became close as time went on as I was caring for my son, little Lamont. Ms. Molly McGrath has been a great asset to my life and she has been an addition to my family. When I went through some difficulties because of my sexuality, this beautiful director and friend supported me and taught me about my love, dedication, and my motivation towards my child."

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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