MILWAUKEE – On Thursday, September 19 the Urban Economic Development Association of Wisconsin (UEDA) launched the state’s first Bank On coalition. Bank On Greater Milwaukee joins a nationwide network of more than 90 coalitions working to help improve the financial stability of unbanked and underbanked individuals and families by connecting them to safe and affordable financial products and services.
At least 44,000 households in Milwaukee are unbanked, causing individuals to rely on costly alternative financial services like check cashers, payday lenders, and pawnshops for routine financial transactions. Fees associated with using alternative services can cost an unbanked person around $40,000 over a lifetime. A basic transaction account is an important first step in participating in the financial mainstream, where account holders can deposit earnings securely, pay bills efficiently, save money and access affordable credit.
“We formed Bank On Greater Milwaukee to make it easier to connect people to accounts that help them save money, securely deposit what they earn, and build credit. Our coalition members are committed to offering education and services that help them become financially healthy,” says Constance Alberts, Bank On Greater Milwaukee Program Manager.
Through support from Wells Fargo and the national nonprofit the Cities for Financial Empowerment Fund, UEDA began convening the coalition in early 2018. Since then, Bank On Greater Milwaukee’s network of banks, credit unions, nonprofit organizations and public officials has helped seven financial institutions establish accounts that meet Bank On national account standards. Accounts certified as meeting the Bank On National Account Standards are:
- Safe: No overdraft, non-sufficient funds, or dormancy fees
- Affordable: Monthly fees of $5 or less with a low minimum opening deposit
- Functional: Pay bills, make deposits and withdrawals, and transfer money
For more information on the program and a list of certified accounts visit www.BankOnMilwaukee.org.
Current Bank On Greater Milwaukee Partners: ArtWorks for Milwaukee, Associated Bank, CIBC, City of Milwaukee, Educators Credit Union, Extension Milwaukee County, Fund My Future Milwaukee, Innovative Educational Solutions Institute, The Joseph Project, Journey House, Metro Milwaukee Fair Housing Council, Milwaukee JobsWork, Milwaukee Urban League, Mitchell Bank, National Disability Institute, Riverworks Financial Clinic, SecureFutures, Self Help Credit Union, Social Development Commission, Sojourner Family Peace Center, UEDA, US Bank, UW Credit Union, Wells Fargo.
About the Urban Economic Development Association of Wisconsin: UEDA is a 501(c)(3) membership association dedicated to facilitating effective, cross-sector collaboration, meaningful connections, and strengthening individual and organizational capacity in Wisconsin’s community and economic development sector. Incorporated in 1997, we focus on and advocate for community investment, sustainable homeownership and housing, regional transportation, small business growth, financial empowerment and the local food economy. www.uedawi.org
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