A new program launched last month intends to bring more of Napa’s estimated 10,000 unbanked or underbanked families and individuals into mainstream financial services.
Dubbed Bank On Napa Valley, the program is a collaboration between some local banks and area nonprofits.
Bank on Napa Valley is designed to help participating families avoid the need to rely on fringe services such as check cashing and high cost prepaid debit cards. By some estimates, those servics can cost low income families up to $3,000 a year.
"That purchasing power is now available to benefit workers and their families and will bolster businesses in Napa as well," said Hatti Hamlin of Mechanics Bank, one of the program members.
Participating families can benefit by having banks waive some fees and lower others, remove restrictive ID requirements and offer many free services.
"Together with the family service agencies that are involved, they are reaching out to Napa Valley employers to ask them to encourage their employees to apply," Hamlin said.
Bank On Napa Valley is a collaborative effort of the Self-Sufficiency Committee of the Napa Valley Coalition of Nonprofits, with a mission to connect working families and individuals to basic bank accounts and financial services that best meet their individual needs and help them enter the financial mainstream.
For more information, go to: https://www.facebook.com/BankOnNV#!/BankOnNV/info or call Michelle Laymon at Cope Family Center 707-252-1123 ext. 110.
Or visit the programs Facebook page.
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