What is Bank On Bloomington?
Did you know that having a bank account is a key step to financial independence? Did you know that nearly 41% of people in our community either don’t have a bank account or use alternative high-interest nonbank resources?
Instead, some individuals rely on products like pay day loans, check cashing, and pawn shops. On average, these individuals spend $1000/year on fees.
Bank On Bloomington is a community collaboration to help residents access mainstream financial services and education at five participating institutions- Chase, Fifth Third, IU Credit Union, Old National Bank, and Regions. United Way, the Financial Stability Alliance for South Central Indiana, 2-1-1, the City of Bloomington, and the participating institutions are all partners working together to help you open a bank account.
Residents who have never had a bank account or have had difficulties in the past are finding that many traditional barriers have been reduced or eliminated. These can include minimum balance requirements, past unpaid overdraft charges, or lack of a U.S. driver’s license or state-issued identification.
Education workshops are an important component of the Bank On program. Workshops give Bank On clients and any interested individual the resources and supports to successfully manage their new account and improve their financial life. These workshops go over basic checking account maintenance, budgeting, and financial goal setting.
Who are the participating banks and credit unions?
Participating banks and credit unions include:
-Fifth Third Bank
-IU Credit Union
-Old National Bank
For a complete listing, click here.
Why should I get a bank account?
It’s safe. Banks keep your money safe from theft, fires, floods, and other natural disasters. Even if something happens to your bank, the federal government will make sure you get your money back (up to $250,000).
It’s convenient. Having a bank account helps you save time – you won’t have to wait in long lines to cash checks and purchase money orders. You can direct deposit your paycheck, tax refund, and public assistance benefits. You can also pay your bills with your own checks or online.
It can save you money. Cash your checks and pay your bills without paying check-cashing fees or buying money orders.
It can help you build your financial future. Having a bank account may help you access other financial services in the future.
How can I open an account?
1.) Find a participating bank that is convenient for you. Check this list of partner banks and credit unions or look for the Bank On Bloomington sign at a bank or credit union near you. You can also dial 2-1-1 to speak with a community resource specialist.
2.) Ask about opening a Bank On Bloomington account. Our partner banks and credit unions have special products that are designed just for you.
3.) Bring identification. You will need an Indiana ID or U.S. passport. Most banks and credit unions will also request a second form of ID. Since participating banks and credit unions have different policies, call them for specific requirements.
4.) Learn how to manage your new account. Ask your bank or credit union about free classes and other opportunities to learn about account management, financial planning, and more. Bank on Bloomington also offers a free workshop.
5.) Browse the Financial Stability Alliance website for other great resources to help you on the path to financial success.
How can I participate in an educational workshop?
Get on the Path to Financial Success! This free, interactive workshop will help you learn to manage a checking account, develop and maintain a budget, and identify and work towards your financial goals. This workshop is sponsored by Bank On Bloomington and the Financial Stability Alliance for South Central Indiana and provides Bank On Bloomington participants with a certificate of completion. This 90-minute workshop is now offered on demand. Service providers with interest in scheduling a session are encouraged to contact Jamie Kuzemka.
Other Financial Education Opportunities
1.) A free financial literacy workshops is held monthly at Work One Bloomington. This workshop will discuss ways to find the money you need by looking in your pocket. You can use the information presented to improve your knowledge of finances and get control over your financial future. For more information, contact Elaine Hubbard (812-335-6724).
2.) Monroe County Public Library’s It’s Your Money: Talk to An Expert: Need unbiased financial advice? Try a free and confidential one-on-one sessions with a financial expert. Appointments are for 30 minutes. For an appointment, fill out and submit this form. For adults and older teens.