24 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 & 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 and are hard pressed to achieve other financial goals such as building savings and assets. 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 better priced lending products
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Achieve financial goals
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
Want more information about Bank On Rubber City or 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.
