June 18, 2021
ALBUQUERQUE – City of Albuquerque Inaugurates New Bank on Desktop Initiative to advance banking access efforts in Albuquerque. Bank On Burque will strive to strengthen the financial stability of residents by connecting them to safe and affordable banking products certified to comply with Bank on national account standards (2021 – 2022). The city is partnering with community organizations on the initiative, including Prosperity Works, WESST, Albuquerque Community Foundation, NMCAN and others.
Access to banking services is essential for financial stability – a basic bank account is an important first step in the general financial public, enabling the deposit of income securely, paying bills efficiently, accessing credit and to save for emergencies and the future. Almost a third of Albuquerque households are unbanked, which means they depend on expensive alternative financial services – like check tellers, payday lenders, and pawn shops – for routine financial transactions. . They are half as likely to be able to save in an emergency as those with an account and can spend more than $ 40,000 over their lifetime on fees to access their money. Bank On Burque will strive to expand access to safe and affordable Bank On certified accounts to those residents outside the traditional financial system.
“Almost one in three households in our city does not have access to banking services,” said Mayor Tim Keller. âWe created this initiative to promote fairer banking opportunities so that families can achieve financial stability and do not have to depend on expensive and sometimes abusive financial services.
Bank On Burque joins 85 local Bank On coalitions across the country whose work is supported by the national non-profit Cities for Financial Empowerment (CFE Fund) Bank at the initiative, which ensures that everyone has access to safe and affordable bank and credit union accounts.
“Tens of millions of people who can the least afford it are spending billions of dollars doing what many of us do for free without even thinking about it – paying bills or shopping, depositing and accessing safely and automatically to income and payments, and save. ” mentionned Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. âParticularly throughout the COVID-19 pandemic, Bank On coalitions across the country have done critical work in helping consumers access certified bank and credit union accounts to receive stimulus and stimulus payments. other emergency supports and manage their finances. We are excited about what Bank On coalitions can accomplish and are proud to support the essential work of Bank On Burque in helping people access safe and affordable accounts.
Banks and credit unions with a certified Bank On account available in Albuquerque include:
- Bank of America
- chase away
- Discover (digital and online only)
- First local bank
- Caisse populaire de Nusenda
- Rio Grande Caisse populaire
- American Bank
- S. Eagle Federal Credit Union
- Wells fargo
Bank on Burque is the third financial empowerment program in the City of Albuquerque in partnership with the CFE Fund, following the Consumer Financial Protection Initiative and the Financial Navigators program. Households in Albuquerque who are having financial difficulty contact one of our qualified mariners to connect to resources, including rental assistance and utility funds. Call 505-768-4242 or visit cabq.gov/finnav to connect.
âWe know that when people have access to affordable check services, they have secure access to their funds sooner and don’t depend on expensive check cashing services,â said Delma Madrigal, Bank on Office for the city of Albuquerque. âWe are proud of the coalition of banks and credit unions, both national and local, who have joined our efforts to increase economic inclusion in the city of Albuquerque. “
The CFE Fund leads the national Bank On movement, supporting 85 local coalitions working to connect individuals and families – the more than 36 million currently unbanked or underbanked residents – to the general financial public through partnerships between local governments, financial institutions and community organizations. Through the Bank On initiative, the CFE Fund provides resources and technical assistance to local coalitions, strengthening their efforts to increase the availability of low-cost, low-cost bank accounts and credit unions certified to account standards. national Bank On and connect residents to these accounts. The main features of the account described in the standards include low costs, no overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill payment. Bank On certified accounts are already offered by nearly 100 banks and credit unions across the country at more than 32,500 branches, accounting for nearly 50% of the deposit market share in the United States.
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About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve household financial stability by taking advantage of opportunities unique to local government. By translating cutting-edge experience with large-scale programs, research and policies in cities of all sizes, the CFE Fund helps mayors and other local leaders identify, develop, fund, implement and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund currently works in more than 100 cities and counties representing 75 million people, and has provided more than $ 52 million to municipal governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About the bank on
Bank On coalitions are locally led partnerships between local public officials; municipal, state and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The National Bank On initiative builds on a grassroots movement of nearly 90 coalitions in cities across the country, providing national account standards, capacity support, pilot funding and a learning community. In addition to connecting unbanked people to accounts, Bank On programs raise awareness, target unbanked people awareness, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEfund #BankOn.