Banking services are an important element of financial independence and stability for individuals and families, as noted in the new 2017 United Way Community Assessment. Without a checking account, individuals often are forced to use expensive alternative financial services that may have high fees.
About one in five Treasure Valley households are considered ‘unbanked,’ which means they do not have a checking or savings account. Being unbanked is inconvenient and expensive, and often primarily impacts the people who can least afford the extra fees involved.
Understanding the need to help people who may have stumbled financially get back on their feet with a bank account, United Way of Treasure Valley created the Bank On program. Bank On helps local residents establish low-cost starter checking accounts, savings accounts, and loans following successful completion of free financial planning classes offered as part of the Bank On program. After completing the classes, which are led by local financial experts who volunteer their time, Bank On graduates receive a certificate that allows them to open an account at a variety of local banks and financial institutions that support United Way and the Bank On program.
One of those incredible community partners is Washington Trust. Washington Trust recently pledged its continued support of the Bank On program with a check presentation at United Way of Treasure Valley.
Thank you, Washington Trust! Your support helps struggling families become more financially stable across the Treasure Valley and Idaho.