- Special Sections
- Public Notices
Question: What is Bank On Central Kentucky?
Answer: Through a collaborative effort led by the United Way of Central Kentucky, Bank On is a partnership of financial institutions, community organizations, and local governments working together to strengthen our community’s economic well-being through improved access to high quality financial products, services and education. Bank On Central Kentucky helps area residents save money and secure their finances by connecting unbanked and under-banked individuals with affordable checking and savings accounts, along with group and one-to-one opportunities to increase financial literacy. This collective effort involves more than 20 local organizations, although new partners are invited to join this most critical program.
An “unbanked individual” relies heavily on alternative services to access their money. Without the most basic financial tool, a checking account, unbanked families are hard-pressed to build savings and assets, and to respond to emergencies. As a result, unbanked families are forced to rely on expensive alternative systems that charge high fees to access their hard earned money. On average, these fees can range between 2 to 10 percent of the face value of a check and the lower-to-medium income worker could spend $1,000 or more in unnecessary fees per year.
Free financial education is offered and covers banking basics, such as how to write and balance a checkbook. The curriculum also informs participants about the importance of creating and tracking a spending plan. Participants completing the financial education class receive a certificate that helps the individual open a second chance account at a participating financial institution. This education is open to everyone, regardless if you are in need of a second chance account or not.
Check out www.unitedwayck.org/bank_on.php for more information about participating partners and free financial education opportunities. You also can use the Bank On Central Kentucky website to compare second chance accounts between participating financial institutions. Follow Bank On Central Kentucky on Facebook to learn more about saving money and other financial tips.
Cole Whobrey is with AmeriCorp VISTA, United Way of Central Kentucky