21 percent of Summit County residents are unbanked or underbanked, relying on costly alternative financial services—like check cashers, payday lenders and expensive pre-paid cards for routine financial transactions.
Bank On Rubber City, a coalition led by United Way of Summit & Medina 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?
Banking access is a key component of financial empowerment. Without a checking account, families wind up paying too much for basic financial transactions such as check cashing and paying bills and have a difficult time reaching other financial goals such as building savings and managing debt. The average unbanked person spends 5% of net income on unnecessary fees for alternative financial services. This can amount to $40,000 over a lifetime—a significant amount for those who can least afford it.
People with mainstream bank accounts are more likely to:
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Keep more of their earnings
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Develop consistent savings habits
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Have access to budgeting and tracking tools
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Access to affordable credit options
Research from the Federal Deposit Insurance Corporation indicates that there are many reasons consumers lack a basic transaction account: not enough money for the minimum balance; distrust of financial institutions; high or unpredictable fees; or identification, credit or banking history problems.
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*:
- No minimum balance requirement
- $5 or less/month
- No possibility of overdraft
- Free bill payment & debit card
- 2nd chance checking opportunities
Find a Bank On Certified Account Near You
- Chase Secure Banking Account
- Citizens EverValue Checking Account
- Citizens Student Checking
- Dollar Bank No Overdraft Checking Account
- Fifth Third Bank Express Account
- New York Community Bancorp My Community SimplyOne Checking
- PNC Bank SmartAccess Account
- PNC Bank Foundation Checking
- Portage Community Bank Financial Empowerment Checking Account
- S&T Bank Easy Banking Account
- U.S. Bank Safe Debit Account
Want more information about Bank On certified accounts? Contact [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.
