We are a proud partner of Bank On of Greater Milwaukee. The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services, and bank accounts that allow them to build savings and access credit over time.
Did you know that 22% of American adults (63 million) are either unbanked or underbanked? In Milwaukee, 11% of all adults are unbanked which means they have no bank account whatsoever and must rely on alternative financial products and services—such as payday loans, check cashing services, money orders and pawn shop loans—to take care of their finances. The 16% of Milwaukee households who are underbanked have some sort of bank account, but they also rely heavily on alternative financial services.
The real costs of being unbanked or underbanked are steep. This could mean paying high fees at check cashing places, paying high interest rates for payday loans, paying fees for money orders to pay monthly bills, and even using pawn shop, and getting pennies on the dollar in the event of a financial crisis. When it comes to building credit to buy a home, many of these families are at a disadvantage. This means it’s a longer and more challenging process to get them to the pre-approval stage.
For these reasons, we are delighted to be partnering with Bank Five Nine in offering Achieve Checking Accounts. This exciting partnership provides a way for our Homebuyer Counselors to set-up checking accounts for all of our Acts Families, as they work as a team in getting them closer to homeownership.
Click here to get started today!