Three years ago, a group of people came together to start the Coalition for Economic Opportunity (CEO). PHAR was there from the start.
The goal of CEO is to help individuals and families become more independent and financially stable. CEO is now helping to start a program called Bank On Greater Charlottesville. The purpose of the Bank On Greater Charlottesville is to help people who don't have bank accounts and help people avoid expensive loans like payday loans and car title loans.
Through the Bank On program, it will be easier for people who don't have bank accounts to open and keep bank accounts. Studies show that, compared to having a bank account, it is much more expensive to use check cashers and money orders stores. Having a bank account and using it in the right ways can actually save you money.
The Bank On program will also help qualified people get affordable loans. This will help people who might be tempted to go to an expensive payday lender or car title lender and might get caught in the cycle of debt. Staying away from payday lenders and car title lenders can actually save you money. People need better options, and that is what Bank on will provide.
Another part of Bank On Greater Charlottesville is financial education. The program will offer classes throughout the community. These classes will give people important information about saving money and being financially stable. By attending classes, people can also receive financial rewards.
The Bank On program is a partnership with local banks and credit unions and local government. The goal is to help people become more independent and financially stable. The program will be launched in 2012. PHAR will continue to be involved as a coalition member to bring this new program to our community. Stay tuned for more information.
To learn more about CEO and the Bank On program click here.