Bank On Rubber City

 

 

Through its Bold Goal #3, United Way is working to financially empower 11,000 Akron residents by 2025 – especially those who are working, but who struggle to get traction financially. Bank On Rubber City will form a critical part of United Way’s strategic plan to meet this goal.

The City of Akron, in partnership with United Way of Summit County, has received a $90,000 grant from national nonprofit the Cities for Financial Empowerment Fund. The grant is advancing the city’s banking access efforts to ensure that everyone has access to safe and affordable financial products and services. 

MISSION

A coalition of Community members invested in  securing access and connecting residents to safe and affordable Bank and Credit Union accounts.
 

VISION

A community where everyone has access to basic banking needs and keys to financial freedom.

Join the Bank On Rubber City Coalition 

Financial Institutions

  • Provide safe and affordable accounts meeting the National Account Standards*
  • Market accounts side by side with deposit product offerings
  • Partner for program integration 
  • Assist Bank On Coalition fundrasing activities (e.g. providing funds or directing the coalition to resources for funding.)

Community Organizations

  • Partner for program integration and wraparound services
  • Provide opportunities for clients to access appropriate bank and credit union products
  • Distribute materials, documents & brochures to introduce certified accounts.
  • Host or convene local Bank On Coalition events.

Community Members

  • Take advantage of volunteer opportunites
  • Serve as advocates and researchers
  • Share information
  • Connect friends and neighbors to safe products and financial resources 

Why is Banking Important?

Banking access starts with a basic transaction account, which is the first rung of a financial
capability ladder that builds over time to include savings, secured credit and unsecured loans.

People with mainstream bank accounts:

  • keep more of their earnings
  • are better protected against financial shocks
  • save more

Average annual cost of not having a bank account:

  • $196.50 to use a prepaid debit card with direct deposit
  • $198.83 for check cashing and money order services (no prepaid card)
  • $497.33 to use a prepaid card without direct deposit
  • Payday loans: Median amount = $350; Median interest rate = 300%
     

LOCAL UNBANKED & UNDERBANKED STATISTICS:

                  Unbanked    Underbanked

Ohio                   7.2%                      20.0%

Summit Co.    6.8%                      17.7%

Akron             13.0%                     20.5%

Stay tuned for more information, tools and financial resources. To find out more about Bank on Rubber City or to join the coalition, contact Bank On Manager, Nicole Chavers, at 330.685.9302 or nchavers@uwsummit.org

Find out more about the national Bank On movement here>
Financial Institutions-Find out the Bank On National Account Standards here>