Boulder County program launches to serve area’s un- and under-banked
A new program from the
Bank On Boulder County is part of a national movement, deployed in 65 cities across the
These households "typically use check cashing services or payday loans or cashier's checks to pay bills, all of which costs them a lot of money," said
In a review of data from the
Those with bank accounts often sign up for overdraft protection, Pague explained, which can carry penalties that, compounded with interest, can cost hundreds over time. High monthly fees and opening deposit requirements are also barriers.
Bank On identifies checking and savings accounts that are more financially accessible. In
Others are working to put together accounts that meet Bank On's national standards, which set limits on overdraft and other fees as well as opening deposits. Pague said she is "hopeful" more accounts will be available in the future.
The Bank On program also includes financial counseling from the county and the training of community "champions" at area nonprofits serving those most likely to be un- and under-banked. Champions are versed in what accounts are available and where, and can refer clients to them.
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