The Center for Hunger-Free Communities

Solutions Based on Science and the Human Experience

In DC many homeless people have mental and physical disabilities- how can we help? As I stood at the bus stop beside this woman I put myself in her shoes- if I was in her situation, not in a stable mind frame, what could I do to get help. I was in this situation of homelessness and I saw her and she was in an even worse situation than I was, and I felt a lot of emotions- fear, that I also would end up in a worse situation, I felt a desire to help her, and I felt helpless, helpless to aid her situation and helplessness in my own situation. I also thought about all of the people in the district who have to deal with trauma and homelessness and how hard that is.

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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