April 15, 2013
Area non-profits and local banks are joining forces to launch a new program called BankOn Greater Charlottesville.
BankOn is aiming to provide access to safe, affordable banking products and financial education opportunities to unbanked people or those who don't have a checking or savings account.
The program is also hoping to work with the underbanked or people who do have bank accounts, but still turn to costly alternatives like check cashing services, payday lenders and car title lenders.
"What this is is a real effort to reach out to people who have never had a bank account before or are having issues with an account in the past and to bring them back into main stream banking as a way to develop asset building to help folks save some money," said Cherie Seise, BankOn Greater Charlottesville.
Currently an estimated 1,448 households are unbanked and another 3,354 households are underbanked.