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Bank On Carbondale

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Mayor Brad Cole formally launched the Bank On Carbondale program April 6, 2010. Specifically designed to assist low- to moderate-income families and minorities, Bank On Carbondale focuses on reducing the barriers that many families encounter with banking.

The San Francisco Treasurer’s Office launched the first Bank On program in 2006, and it has already opened 31,000 accounts. Over 80% of these accounts are still active and have an average account balance of $980. Carbondale is one of more than 50 cities to duplicate the city program, while Illinois and California are the first two statewide campaigns to date.

There is an estimated 368,600 households in the state of Illinois with no checking or savings account – including 50% of all African-Americans. Hundreds of Carbondale households currently rely on check-cashers, payday lenders and pawn shops to cash checks to pay bills and borrow money. Unbanked families, who are already struggling to make ends meet, are paying up to $75 a month to cash payroll checks, relying on pawnshops that charge high interest rates for loans, and unsafely storing cash in their homes.
Too many Illinoisans conduct their financial lives outside the financial mainstream:
• Almost 369,000 Illinois residents lack both a checking and savings account
• Less than 13 percent of low-income neighborhoods have access to a bank or credit union
• The average unbanked worker in Illinois will throw away $574 a year to cash payroll checks
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WHY DO I NEED AN ACCOUNT?

By opening a bank account, you can take an important step toward financial security. With a free or low-cost account, you can start to save for the future and establish a credit history that will help you enter the financial mainstream and achieve your dreams.
Bank on Carbondale can help you:
• Gain access to a free or low-cost checking account so you can keep more of your money.
• Stop currency exchanges and check cashing stores from taking your money with high-interest gimmicks and fees.
• Overcome past financial or credit problems so you can open a checking account without any hassle.
• Open an account even if you are not a U.S. Citizen or don’t have a Social Security number.
 

IT SAVES YOU MONEY

Using check cashers may seem more convenient than having a checking account at a bank. But these services cost a lot more than a checking account. Check-cashing stores charge you a certain percentage of each check you cash. Cash a $500 check and pay 2.25%, or $11.25. To cash two paychecks a month, you're spending over $20 just to get access to your own money! And since money orders can cost as much as $3 per order, your costs could really add up. Our partner banks and credit unions offer low- or no-cost accounts, and most have free bill pay or even free money orders!

IT’S SAFE

Without a bank account, you and your family could lose your money during an emergency, like an earthquake or a fire. You also have no safe place to keep your money, and may become a victim of robbery or theft. Money deposited in a bank or credit union is protected by the full faith and credit of the U.S. government.

IT’S CONVENIENT

With a checking account, you can deposit your checks and access your money for little or no cost. You can save money by paying bills with checks, on the Internet, or by direct debit, and avoid paying for money orders. You can use your debit card to make purchases at stores or to withdraw money from ATMs across the city, reducing the need to carry cash. You can also keep track of your spending on the Internet, by phone, or at the ATM.

IT HELPS YOU SAVE FOR THE FUTURE

Without a bank account, it is much more difficult to save your money to reach long-term goals, such as buying a home, starting a business, or investing in your or your child's education. Studies show that people with bank accounts are more likely to save and move up the economic ladder to financial security.
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HOW DO I OPEN AN ACCOUNT

Finding a bank or credit union is the first step. The staffs of participating banks and credit unions are trained to answer questions and walk you through each step of the process. To set up a free or low-cost account, you need a valid ID. Many forms of ID are accepted, including passports, Illinois IDs, Mexican Matricula cards, Military IDs, and more.

1. Find a participating bank or credit union in your neighborhood.
Look for the Bank On Carbondale sign at a bank or credit union in your community.
  Our partners include:
  (Click on image to be directed to the financial institution.)

                 

2. Ask them about opening an account through Bank On Carbondale.
Our financial partners have designed special banking programs just for you. They'll answer your questions and help you open an account that best serves your needs.

3. Remember to bring some identification.
You don't need a Social Security number, but you will need a passport, Illinois ID, or Mexican Matricula card. Identification requirements differ between institutions. Click here for a list of accepted IDs.

4. Open your new bank account.
The person at the bank will walk you through the entire process. And they can even sign you up for free money management training classes to help you get the most from your bank account.

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MANAGING YOUR FINANCES

Discover free classes and services that will help you achieve financial freedom. Find information about establishing financial goals, managing a budget, getting out of debt, locating free day care, and many other topics.

"Free financial literacy classes provided by Alpha Kappa Psi :
Budgeting and Saving for the Future:

May 5, 2010
6:00 p.m.
SIU-C Student Center in the Kaskaskia Room

Call 618-457-3226 for more information or to register for a class."

Partner with Bank On Carbondale

We know our success rests on our ability to reach unbanked Carbondale residents through the networks they trust, like employers, places of worship, community agencies, and local colleges. Bank On Carbondale can provide essential training, advice, and banking opportunities to your organization's clients. In turn, your organization can help connect us with unbanked Carbondale residents looking to take the first step on the road to financial security.

Sign up today and find out how you can:

• Invite a Bank On Carbondale bank or credit union of your choice to partner with your organization.
• Create an action group to encourage members of your community to enroll in financial education, open checking accounts, or start savings plans.
• Include Bank On Carbondale information in your mailings and newsletters.
• Display posters and other materials in public spaces.
• Place a link on your Web site to www.explorecarbondale.com/bankoncarbondale   

For more information on how you can become a Bank On Carbondale Community partner, call 618-457-3226.
 

You can also download the following materials:

Bank On Carbondale Brochure
Bank On Carbondale Flyer
Budgeting and Saving for the Future Financial Education Flyer (April 21)

You can ask questions and learn more abount Bank On Carbondale from our Community Outreach Partners:

Boys and Girls Club of Carbondale http://www.bgc-cdale.org

Carbondale Chamber of Commerce http://www.carbondalechamber.com

Carbondale Mainstreet http://www.carbondalemainstreet.com

Department of Health Services http://www.hhs.gov/

Southern Illinois University Head Start http://headstart.siuc.edu/

United Way of Southern Illinois http://www.uwsihelps.org

Western Egyptian Economic Opportunity Council Inc. http://www.weeoc.org/index.html