Today’s edition of The Daily News contains a story by reporter Andy Meek highlighting the success of Bank On Memphis, a movement to help unbanked people establish checking and saving accounts.
The partnership between Memphis and Shelby County governments, financial organizations and local community partners (including United Way) encourages the building of savings.
People without bank accounts often have to travel directly to businesses to pay bills with cash, increasing the amount of money spent on transportation and decreasing the amount of time available for caring for families or (in the case of people who are unemployed) looking for stable work. People without bank accounts sometimes pay high service fees when having checks cashed. Often, establishing a bank account has a stabilizing impact on managing money and helps create greater financial self-sufficiency.
United Way’s involvement in Bank On Memphis is an important part of our priority focus on financial stability across the Mid-South.