Local program offers bank accounts to all
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KING COUNTY, Wash. -- Most of us have a bank account. It comes with a bunch of services that make life easier. In King County, more than 50,000 people don't have even a basic checking account.
But something's being done to change that.
It wasn't so long ago Tricia Diamond couldn't do this -- walk into a bank where she has an account.
It's a new program called "Bank on Seattle-King County." Twenty two financial institutions - banks and credit unions - are trying to reach out to people who, for one reason or another, could use a bank account but don't have one.
The program's slogan says it all: "everyone is welcome." The reason is complicated -- the result of a nasty divorce.
Diamond had a job, one that paid well. But without a bank account, she had to go to check cashing stores to cash her paycheck. She says it was inconvenient and costly.
"I would say anywhere between $200 to $300 per time that I needed to cash my check," she said.
With her new account at KeyBank, Diamond has a free checking and savings account, a debit card, access to cash machines plus online banking.
Now, Diamond says she's treated "like any other bank customer. It's wonderful."
Todd Pietzsch with BECU, one of the major supporters of this program, believes it will change people's lives by helping them save the thousands of dollars or more they spend each year to cash their paychecks.
"We want to get the message out that you can get a bank account. you deserve a bank account," he said. "Now that they have access to these services and the money that they're going to free up, they can go and realize their dreams, whatever that may be.'"
Here's the best part -- it doesn't take much money to open one of these bank on Seattle-King County checking accounts.
"It ranges anywhere from a dollar to $100, and I'd say $50 on average is what you need to start the account," said John Roehn of KeyBank. "But that's not a minimum balance; just a starting balance to open the account."
So what's in this for the bank?
"We see this as a step to building long-term relationships, helping our clients succeed financially," said Roehn.
Diamond says having a bank account has reduced her stress and lets her save money.
"Now I have a wonderful free checking account and my salary is deposited every month," she said.
Diamond is just one of more than a thousand people who've taken advantage of the program. As part of the program, you can attend free financial seminars to learn how to better manage your money.
By the way, this is not a government program; it's run by the banks and credit unions.
But something's being done to change that.
It wasn't so long ago Tricia Diamond couldn't do this -- walk into a bank where she has an account.
It's a new program called "Bank on Seattle-King County." Twenty two financial institutions - banks and credit unions - are trying to reach out to people who, for one reason or another, could use a bank account but don't have one.
The program's slogan says it all: "everyone is welcome." The reason is complicated -- the result of a nasty divorce.
Diamond had a job, one that paid well. But without a bank account, she had to go to check cashing stores to cash her paycheck. She says it was inconvenient and costly.
"I would say anywhere between $200 to $300 per time that I needed to cash my check," she said.
With her new account at KeyBank, Diamond has a free checking and savings account, a debit card, access to cash machines plus online banking.
Now, Diamond says she's treated "like any other bank customer. It's wonderful."
Todd Pietzsch with BECU, one of the major supporters of this program, believes it will change people's lives by helping them save the thousands of dollars or more they spend each year to cash their paychecks.
"We want to get the message out that you can get a bank account. you deserve a bank account," he said. "Now that they have access to these services and the money that they're going to free up, they can go and realize their dreams, whatever that may be.'"
Here's the best part -- it doesn't take much money to open one of these bank on Seattle-King County checking accounts.
"It ranges anywhere from a dollar to $100, and I'd say $50 on average is what you need to start the account," said John Roehn of KeyBank. "But that's not a minimum balance; just a starting balance to open the account."
So what's in this for the bank?
"We see this as a step to building long-term relationships, helping our clients succeed financially," said Roehn.
Diamond says having a bank account has reduced her stress and lets her save money.
"Now I have a wonderful free checking account and my salary is deposited every month," she said.
Diamond is just one of more than a thousand people who've taken advantage of the program. As part of the program, you can attend free financial seminars to learn how to better manage your money.
By the way, this is not a government program; it's run by the banks and credit unions.
