Banking on the Future
United Way Chief Community Investment Officer Carole Watson surrounded by partners and supporters at the Bank on Oakland launch.
More than 30,000 Oakland families—98% of whom have some sort of income—do not have a bank account. These families, who are also primarily low-income, are forced to pay hefty check-cashing
and other fees simply to use their own money to pay bills.
This April, United Way partnered with the City of Oakland to launch “Bank on Oakland,” a program that helps low-income consumers access financial products and services. United Way coordinates the Bank on Oakland program, organizing marketing and fundraising efforts, and tracking outcomes.
Having a bank account can save low-income households $40,000 over a career. If invested rather than spent at check cashing stores, that $40,000 translates into $360,000... Read More › |