25 percent of Summit County residents are unbanked or underbanked, relying on costly alternative financial services—like check cashers, payday lenders and pawn shops—for routine financial transactions.
Bank On Rubber City, a coalition led by United Way of Summit County and the City of Akron, is committed to helping residents of Summit County access safe and affordable banking products and services.
Why is Banking Important?
People with mainstream bank accounts:
Keep more of their earnings
Are better protected against financial shocks
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 percent
Being unbanked can cost an individual $40,000 in fees over a lifetime.
Bank On Rubber City helps individuals identify safe and affordable checking account options that meet the Bank On National Standards.
Features of a Bank On Certified Account:
- Second chance checking
- No inactivity fee
- Opening deposit of $25 or less
- Low to zero monthly maintenance fees
- No overdraft or other hidden fees
- Free debit card
Find a Bank On Certified Account Near You
Want more information about Bank On Rubber City or Bank On certified accounts? Contact Nicole Chavers at [email protected] or call the Financial Empowerment Center at 330.685.9430. The Financial Empowerment Center also offers free one-on-one financial coaching that can help you with banking or other financial questions.