Connecticut Association For Human Services Launches Expansion

Press release from the Connecticut Association for Human Services: Connecticut Association for Human Services (CAHS) and the national nonprofit organization Cities for Financial Empowerment Fund (CFE Fund) will announce their intention to advance New Haven’s banking access efforts to promote safe and affordable Bank On certified accounts statewide as Bank On Connecticut. Bank On Connecticut is one of ninety Bank On coalitions across the country working to connect local residents to safe banking products and expand access to appropriate financial products and services, including to the nearly 50 million Americans who are outside of the mainstream financial system and rely on alternative, costly financial services.

The CFE Fund leads the national Bank On movement, supporting local coalitions working to connect individuals and families to the financial mainstream through partnerships between local governments, financial institutions, and community organizations. The goal of the CFE Fund’s Bank On initiative is to ensure that everyone has access to safe and affordable financial products and services; they provided a $25,000 Bank On Capacity Grant to CAHS to support Bank On Connecticut.

Bank On Connecticut’s four bank partners — Bank of America, Chase, Key Bank and Wells Fargo — will offer certified accounts. The goal is to encourage more financial institutions to offer certified accounts and reach the unbanked and underbanked citizens across Connecticut to increase the financial stability of all of Connecticut residents by building up the coalition across the four corners of the state.

“I am thrilled that through our partnership with banks and community organization, the Bank On Connecticut program will open doors for our unbanked and underbanked neighbors so that they can access free financial education. This program will also literally open up bank accounts for these neighbors! Everyone wins with that result,” said John Merz, CEO of CT Association for Human Services.

“The COVID-19 pandemic has demonstrated how essential a mainstream banking account is – to directly deposit stimulus, unemployment, and other emergency payments; to pay bills electronically; and to access funds without going in person to predatory services like check cashers or payday lenders,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “Bank On coalitions across the country do critical work to help people access safe, affordable accounts. We were proud to support Bank On New Haven, and we are thrilled to see this effort expand across the state through Bank On Connecticut.”

“Promoting Economic Inclusion has been a top priority for the Federal Deposit Insurance Corporation (FDIC). We see the Cities for Financial Empowerment and the Bank On movement, its supporters, and its community stakeholders as critically important partners and leaders in helping to advance this mission,” said Valerie J. Williams, Regional Manager, Community Affairs Branch. “According to the 2017 FDIC National Survey of Unbanked and Underbanked Households, 5.5% of Connecticut’s population is unbanked and 15.3% is underbanked. The FDIC is committed to working with Bank On Connecticut to advance this important work”.

“Bank of America Advantage SafeBalance Banking was developed with the needs of the underserved in mind and has been certified to Bank On standards since its development. Locally, we have been involved since the program’s inception in New Haven and are pleased to see the program expand statewide,” said Dani Cassidy, Senior Vice President and Connecticut Region Executive for Bank of America. “Bank of America is committed to supporting economic mobility across the state of Connecticut, to help put communities and individuals on a path to long-term success.”

“Connecting unbanked and underbanked residents to financial institutions and trustworthy guidance will make our community more financially secure,” said City of Hartford Mayor Luke Bronin. “I want to thank the Connecticut Association for Human Services and the Cities for Financial Empowerment Fund for working to expand access to the financial system in Hartford and across the State.”

The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect people to accounts that meet their needs. Core account features include low costs, no overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill pay.

This press release was produced by the Connecticut Association for Human Services. The views expressed here are the author's own.