02/24/2011 - “Bank on Muncie,” a new program introduced recently by the United Way of Delaware County, is intended to encourage low- to moderate-income residents to open bank accounts and avoid expensive check-cashing services.
The initiative will allow consumers to open free or low-cost checking accounts at participating local banks, keep accounts open with no minimum balance and even open accounts if they’ve had trouble with banks before.
According to the Pew Charitable Trust, Hoosiers who don't use banks spend an estimated $1,148 a year in check cashing fees, or about five percent of their annual income. The program is intended to help people save that money.
Read the full article, ‘Bank on Muncie’ Initiative to Help Residents Save More on the Star Press (IN) Web site.
Pew is no longer active in this line of work, but for more information visit the Safe Banking Opportunities Project on PewHealth.org.