Related Link: Recent
Accomplishments
EXPANDING ACCESS TO FINANCIAL SERVICES
In 2010 Connecticut Appleseed began partnering with the Connecticut Association of Human Services (CAHS) to launch a Bank on Connecticut initiative that will help people keep more of what they earn and start on a pathway to improved financial success and self-sufficiency. Connecticut State Treasurer Denise Nappier delivered the keynote for a kickoff event in April; other speakers included Connecticut Banking Commissioner Howard Pitkin and two representatives from the FDIC's Boston region office. That meeting resulted in the creation of a Steering Committee to oversee four workgroups whose efforts will culminate in a formal Bank on Connecticut launch in early January 2011.
Extending Connecticut Appleseed's 2008-2009 "Expanding Financial Access for Immigrants" project, Bank On Connecticut represents the evolution of the Center's recent work. For example,
by surveying roughly 600 immigrants from Stamford through New Haven in early 2009, we gathered useful feedback (click here) on how financial institutions could better reach and serve immigrant markets. Key factors cited by respondents include: lack of acceptable indentification, operational changes (e.g., extending branch hours and broadening the availability of bilingual tellers), better clarity on overdraft and returned-check fees and provision of remittance services at competitive and clearly-posted rates.
Toward Bank on Connecticut's 2011 launch, outreach by nonprofit community partners will be critical in helping the unbanked to overcome their wariness of mainstream financial institutions. We will use and expand the Connecticut Money School's (www.ctmoney.org) network of financial education classes and programs, while tying the launch to the VITA sites which CAHS coordinates in the first quarter of 2011.
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