CHESTERTON — The South Shore Line and Bank On NWI announce new partnership to help the South Shore's unbanked and underbanked passengers take advantage of the South Shore's mobile app and ticket vending machines. It also assists area residents in achieving financial stability and independence as they gain access to essential banking services and financial education.
“An electronic bank account, coupled with a debit and credit card, allows our riders to take advantage of our mobile ticketing app and ticket vending machines. We are eager to work with Bank On NWI and the increasing number of financial institutions in our service area offering Bank On products. With the assistance of Bank On, everyone in our community can enjoy financial freedom and cost savings,” shared Michael Noland, General Manager NICTD/South Shore Line.
“I am excited to be a part of this innovative partnership from its inception, and look forward to doing our part to ensure its success,” said Kelly M. Mitchell, Indiana State Treasurer.
Across the nation, more than 9 million American households do not have a bank or credit union account: often the foundation of saving and planning for a successful financial future. In our community, more than 56,000 people either do not have a bank account or use alternative high-interest non-bank resources. On average, these individuals end up spending $1,000 a year on fees.
“As a community bank, Peoples Bank has always looked for opportunities and strategies to drive community development,” stated Ben Bochnowski, President and Chief Operating Officer, Peoples Bank. “Bank On NWI will assist Peoples Bank in our long-standing commitment to reach out to the underserved and unbanked, helping the residents of Northwest Indiana secure a strong financial future for their families and our neighborhoods.”
Michael E. Schrage, Centier CEO and President, contributed, “Centier has an ongoing commitment to both community involvement and financial wellness. We are excited to partner with South Shore through the Bank On effort, and pleased to see more financial institutions and organizations jump on board with us as we work to make debit and credit cards a reality for everyone.”
Bank On NWI, launched initially with the FDIC in 2008, as a community collaboration made up of local financial institutions and community based organizations. The focus is a common goal of securing a financial future for everyone. Many traditional barriers to opening accounts are reduced or eliminated with Bank On NWI. These accounts help residents build their savings, avoid high check-cashing or money order fees, build or rebuild their credit, and protect their money from theft or natural disasters. Furthermore, Bank On NWI provides educational workshops on such topics as budgeting, basic checking account maintenance and financial goal setting. These workshops provide additional support and resources for future success.
Gary Olund, President and Chief Executive Officer of Northwest Indiana Community Action commented, “Northwest Indiana Community Action’s 2-1-1 Center is pleased to be part of the NICTD/BankOn initiative. Low-cost bank accounts available through BankOn provide access to financial services; an important component in financial health.”
