Did you know that having a bank account is a key step to financial independence? And did you know that nearly 41% of people in our community either don't have a bank account or use alternative high-interest nonbank resources?
Instead, some individuals rely on products like pay day loans, check cashing, and pawn shops. On average, these individuals spend $1000/year on fees.
Bank On Bloomington is a community collaboration to help residents access mainstream financial services and education at participating institutions.
Residents who have never had a bank account or have had difficulties in the past are finding that many traditional barriers have been reduced or eliminated. These can include minimum balance requirements, past unpaid overdraft charges, or lack of a U.S. driver's license or state-issued identification.
Education workshops are an important component of the Bank On program. Workshops give Bank On clients and any interested individual the resources and supports to successfully manage their new account and improve their financial life. These workshops go over basic checking account maintenance, budgeting, and financial goal setting. Click here for a schedule of upcoming classes.
Do you want to strengthen earnings in our community?
Please consider donating to the United Way Earnings Priority Fund. This fund helps hard working individuals and families get ahead by increasing their job skills and income potential, providing financial education, and building economic stability and independence.