Bank On South Alabama
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FOR IMMEDIATE RELEASE
Bank On partner accounts offer a safe and affordable place for South Alabama – area residents to deposit stimulus checks, unemployment income, tax refunds.
South Alabama (Baldwin, Choctaw, Clarke, Conecuh, Escambia, Mobile, Monroe and Washington Counties) – As the number of people filing for unemployment compensation rises and a federal stimulus package that includes direct payments to tax payers nears passage, it is important that individuals and families have somewhere safe to deposit and access these funds. Bank On South Alabama is encouraging the residents in our 8-county footprint to open a Bank On partner account where holders can access mobile banking, direct deposit, bill pay, ATM’s and more through area banks and credit unions they are already familiar with.
Nearly 12% of the 1.9m households in Alabama are unbanked, meaning no one in the home owns a traditional deposit or savings account where monthly payroll and other timely income, like unemployment, stimulus payments, and tax refunds can be securely deposited. Bank On partner accounts allow account holders to easily use and move their money around while the state’s “safer at home” order temporary limits in-person branch access. However, these accounts will continue to save people time and money far after COVID-19 is under control.
“Many are in need of funds right away –instead of waiting for financial relief via mail, we want to make our county residents aware of our financial partners who have online account opening capabilities and are ready to assist in any way possible,” says Jennifer King, Bank On South Alabama, Program Manager.
The process of opening an account varies by financial institution, (particularly during this time of social distancing) but in general accounts can be opened online, in-person, over the phone or via a mobile app. A full list of certified accounts and how to open them can be found at www.bankonsouthalabama.org .
About Bank On South Alabama
The mission of Bank On South Alabama (BOSA) is to promote and provide access to low/no cost mainstream financial products and services, and provide free financial education for low to moderate income individuals who live in the 8 counties that comprise southwest Alabama. Through the tools of financial education and awareness, BOSA encourages unbanked and under-banked individuals to save and build assets for themselves and their families by connecting with a BOSA financial institution partner. BOSA works in partnership with financial institutions, community organizations, and local governments to help individuals save more of their earned money by not having to pay high fees for alternative financial services such as payday/title loans, check cashing and rent-to-own. Bank On South Alabama is here to help “Improving Lives One Account at a Time.“