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UNITED WAY OF LANCASTER COUNTY LAUNCHES BANK ON LANCASTER
LANCASTER COUNTY, Pa - United Way of Lancaster County announces the official launch of Bank On Lancaster. Following the Board of Commissioner’s meeting on Wednesday, July 11th, Bank On Lancaster will celebrate its official launch with a press conference at 150 North Queen Street at 10:15am in Room 102 (Binns Park entrance).
Bank On Lancaster is a voluntary partnership between banks, credit unions, and community based organizations, led by United Way of Lancaster County, that provide unbanked people with free or low-cost starter or “second chance” bank accounts and access to financial education. One of the initiative’s main goals is to educate and inform the citizens of Lancaster County about the dangers and risks associated with being unbanked or underbanked.
In Lancaster County, the FDIC reports that there are over 20,000 residents who are currently unbanked (do not have an account with a bank or credit union). These individuals may spend a significant amount of money on financial services for which most Americans pay little to nothing. In fact, studies show that the average full-time worker without a bank account can spend up to $40,000 over the course of his or her lifetime just to cash paychecks.
With the help of Bank On Lancaster, residents of Lancaster County can open a low or no-cost checking account at a participating bank or credit union, even if they may have had trouble with banking in the past.
“Something as simple as opening a checking or savings account can have a huge impact. Suddenly, families are saving thousands of dollars in unnecessary fees and they are able to save for the future”, says Tom Baldrige, President of The Lancaster Chamber of Commerce and Industry and Chair of the Bank On Lancaster Steering Committee. “That’s why we are so excited to offer this opportunity for families in Lancaster County to help improve their financial stability for the future.”
In addition to helping customers open savings and checking accounts, Bank On Lancaster also helps to connect individuals with numerous financial education opportunities to help them learn effective money management skills that can lead to financial independence. Customers who choose to take advantage of this service will learn skills such as managing a checking or savings account. They are guided through the banking process so as to avoid the pitfalls of overdrafts and mismanagement, improve their credit score, pay off debt, save for the future, and stay on budget.
“Bank on Lancaster has been a truly collaborative effort and we are delighted that 13 banks and credit unions in Lancaster County representing over 140 locations have stepped up to partner with us in supporting this effort in reaching the unbanked”, says Tom Clingan, Director of Financial Stability at United Way of Lancaster County. “With Bank On Lancaster, those unbanked families who can least afford it will no longer have to rely on alternative financial services, such as check cashing businesses or convenience store money orders, to access and manage their own money.”
The participating financial institutions are:
Ephrata National Bank
Lancaster Red Rose Credit Union
LANCO Federal Credit Union
Northwest Savings Bank
Union Community Bank
Wheatland Federal Credit Union
Residents of Lancaster County are invited to attend the launch event on July 11th to learn more.
For more information on Bank On Lancaster, visit www.bankonlancaster.org or dial 2-1-1.