GRIFFITH – “Bank on Northwest Indiana,” a program designed to help connect the region’s 21,700 “unbanked or underbanked” residents with free or low-cost bank accounts, financial education and other financial services was launched April 13.
The program, organized by the Lake Area United Way, brings together financial institutions and community partners to assist low-income working families who often fall prey to high fees typically charge by predatory check cashing and advance payday loan outlets.
The goal is to help people who do not have bank accounts to immediately keep more of their money with free or low-cost checking and savings accounts. In the first year, the program hopes to help 1,000 people open new account and provide financial education to 1,500 people.
The effort is supported by the FDIC, Indiana State Treasurer’s Office, Centier Bank, Citizens Financial Bank, First Midwest Bank, Peoples Bank, Northwest Indiana Community Action and LAUW.
