Bank On Worcester County is a creative approach to addressing poverty as a community health concern, resulting in a unified partnership of local government, non-profit organizations and banking institutions focused on increasing financial stability for low-to-moderate-income individuals and families through access to banking and financial education.
WCAC has been awarded an Activation Fund grant from the Health Foundation of Central Massachusetts in order to establish Bank On Worcester County. Research shows that 5.8% of Worcester County residents are unbanked and 16.3% are underbanked. Partners will seek solutions to increase access and decrease barriers to conventional banking institutions through the development of safe and affordable products and options, as well as financial education opportunities to meet the needs of low-to-moderate income individuals and families in Worcester and Southbridge.
Influenced by the national Bank On model, Worcester County banking partners are working within four committees to design a core product, develop a marketing campaign, identify tracking tools, train bank front line staff, and to implement financial education.
Bank On Worcester County desired outcomes:
- A 10% increase in the number of individuals opening new accounts at partnering financial institutions.
- A 20% increase in the number of individuals receiving financial education services at WCAC and three partner organizations.
- A 10% increase in the number of WCAC youth program participants who utilize banking resources.
Participating Bank On Worcester County Financial Institutions:
Bay State Savings Bank
Digital Federal Credit Union
Click HERE for map of participating branch locations.
The Bank On Worcester County checking account product will be available starting in April 2018.
Bank On Worcester County in the News: