More than 14% of households in Mobile and other surrounding counties have neither a savings nor a checking account. Though more than 25% of households have an account, reliance on alternative financial services such as payday loans hinders household financial stability and costs up to $40,000 in a lifetime in fees and interest.
You work for your money – your money should work for you in a new checking account or savings account with participating Bank On South Alabama partners. The money you earned is safe and easy to access when you work with a bank or credit union. And when you need a loan, Bank On South Alabama partners can help with an interest rate that’s good for your future.
What is Bank On South Alabama?
It is a partnership of banks, credit unions, nonprofit organizations, and local governments. It helps individuals save more of their own money by not having to pay high fees when using payday lenders and check cashing services.
Why do I need an account?
With a low or no-cost account, you can make sure your money is safe and start to save for the future. Financial institutions can also help you improve your credit score and help you achieve your financial dreams such as homeownership.
How can I open an account?
Contacting a financial institution partner is the first step. The Bank On South Alabama financial institution partners are trained to answer questions and assist you in choosing products/services to meet your needs.
How can I best manage my money?
The Bank On South Alabama free classes will help you identify and achieve your financial goals. Learn how to establish financial goals, manage your money, improve your credit score, and many other personal finance topics.
Bank On South Alabama empowers unbanked and under-banked individuals through financial education and awareness to take the first steps toward financial stability and encourages unbanked and under-banked individuals to save and build security for themselves and their families by connecting with a financial institution through a Bank On product/service.
For full details on the Bank On South Alabama programs and partners, visit the Bank On South Alabama website or call United Way’s 2-1-1 helpline. Just dial 2-1-1 or 1-888-421-1266.