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Many hardworking families are finding it increasingly difficult to make ends meet. A significant number are unbanked or underbanked, meaning they either have no bank account or rely on non-bank financial services.
According to the FDIC, approximately 18.7 million U.S. households were underbanked in 2021, while 5.9 million were unbanked.
Thanks to a generous $75,000 grant from the Wells Fargo Foundation, the Heart of Florida United Way’s Bank On program can continue to take steps to empower everyone in Central Florida with the opportunity to have and keep a secure, affordable bank or checking account.
What is Bank On?
The Bank On program works with local banks and credit unions to offer secure and affordable accounts with features like:
- No overdraft or insufficient funds fees
- Free bill pay options
- Low minimum opening balances ($25 or less)
These features can make a BIG difference for low-to-moderate income families. They can:
- Build savings and credit scores more easily
- Avoid predatory lenders with high interest rates
- Save money on check cashing services
- Manage their finances more effectively
How to Get Involved
Learn more: Visit www.HFUW.org/BankOn for more information about the Bank On Greater Orlando program.
Financial institutions: Interested in offering Bank On-certified accounts? Visit https://joinbankon.org/certify/ to learn about certification.
When we LIVE UNITED, we can ensure that everyone in Central Florida has access to the financial tools they need to thrive.
