Global Credit Union leads Bank On Spokane initiative as Visionary Sponsor
Mission is to increase access to affordable financial services for low, moderate income families
Spokane, WA– Most people agree, having a safe, reliable place to keep your money, like a checking account with a local bank or credit union is a pretty good idea. But for some these simple, reliable financial tools have, for a variety of reasons, seemed out of reach. Bank On Spokane, a consortium formed by six local banks and one credit union along with a number of area non-profit organizations, is here to change all that.
Bank On has worked with its partners to develop free checking accounts with minimal opening requirements. Local financial institutions offering Bank On accounts include: Founding Visionary Sponsors Global Credit Union and Washington Trust Bank; and founding sponsors Mountain West Bank, Inland Northwest Bank, AmericanWest Bank, State Bank, and Banner Bank.
Jack Fallis, President/CEO of Global Credit Union is proud that the Credit Union is a founding visionary sponsor of the Bank On Spokane initiative. “Bank On is true to the credit union philosophy of people helping people. One hundred years ago credit unions started in this country as not-for-profit financial cooperatives with the goal to serve all members well, including those of modest means.”
According to City of Spokane CFO Gavin Cooley, “the Bank On initiative works to make bank accounts and other basic financial services available to everyone in our community. This will allow many of our citizens to avoid paying large fees for cashing checks and paying bills. It is a simple step that can put individuals on a track to financial stability, thereby building a stronger, healthier community.”
Fallis agrees, “Credit unions exist to help people, not make a profit. Because, we believe that together we are better.”
Bank On goes beyond simply making main stream financial services available to everyone; it assists in helping all consumers become better-educated in financial services by encouraging account holders to attend financial education classes and providing easy to understand basic account management tools to promote healthy account management.
This financial education piece of the Bank On initiative is proven to make a difference according to a national study of high school students which shows that just ten hours of personal finance education can positively affect spending and savings habits for a lifetime. Fallis points out that this is another tenet to the credit union philosophy, “We believe in promoting financial education, giving people the tools they need to make the best choices and leading to financially sound decisions. Bank On Spokane brings this education to people throughout our community.”
Bank On Spokane is an initiative of the Spokane CA$H Coalition, a local asset building group that provides opportunities for lower income working families and individuals to acquire, save and grow money and other assets. The coalition, managed through United Way of Spokane County, is comprised of corporate, government and non-profit organizations. For more information visit BankOnSpokane.org
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