New Website: Bank on Philadelphia

Posted by on June 22, 2009

Hundreds of thousands of Philadelphians spend much of their hard-earned money on high fees to cash their paychecks, conduct regular financial transactions, and have little savings or assets. In the current economy, an account in the financial mainstream can be a life-line and a path to economic stability and independence for working families in Philadelphia.

* In Philadelphia, it is estimated that over 220,000 residents need a ‘fresh-start’ checking account.
* In addition, the Pew Charitable Trusts’ Safe Banking Opportunities Project estimates that over 81,000 Philadelphians do not have an account with a financial mainstream institution.
* Nationwide moderate-and lower-income households pay over $8 billion in fees to non-bank check cashing and short-term loan providers to meet their basic financial services needs.
* An unbanked worker spends an estimated average of $40 per payroll check to cash a check from a typical non-banked check cashing provider.

http://www.philadelphiacontroller.org/bop/