Unbanked Carbondale residents are concerned about the cost of having a bank account and are worried they may be denied an account because they have made financial mistakes in the past. Others believe that without a Social Security card they are not eligible for an account. Some think they do not make enough money to have a bank account, or are intimidated by a traditional banking environment.
To directly address these concerns, participating banks and credit unions agreed to the following baseline criteria:
- Offer a low- or no-cost checking account. The perceived high fees of many accounts is a key factor keeping people out of the financial mainstream.
- Adapt internal systems to allow customers with a poor banking history to open "second chance" checking accounts.
- Accept ITIN numbers, Mexican Matricula identification cards, and other consular IDs as primary ID. For many immigrants, the barrier to opening an account is having the proper documentation.
- Expand marketing and outreach strategies in targeted, low-income neighborhoods, and increase the visibility of appropriate products in the Carbondale area.
- Provide financial management training in the community and partner with local community-based organizations to transition customers ready to enter the financial mainstream.
Thanks to the hard work of our Financial Partners and our Community Partners, we hope to reach our goal of opening hundreds of accounts in our first year and helping Carbondale families get on the road to financial security.
