Alabama State Senator Visits UWSWA Office
On May 28, Alabama State Senator Vivian Figures visited the UWSWA office in support of Bank On South Alabama.
Bank On South Alabama is a collaborative initiative between community service organizations, municipalities, and local financial institutions in eight county regions which currently includes Baldwin, Choctaw, Clarke, Conecuh, Escambia, Mobile, Monroe, and Washington Counties.
More than 14% of households in Mobile and surrounding counties have neither a savings nor a checking account.
The mission of this initiative is two-fold:
- to empower unbanked and under-banked individuals through financial education and awareness to take the first steps toward financial stability
- to encourage 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
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.
For more information regarding Bank On South Alabama, please contact Patsy Herron at 251-433-3624.