This blog post was contributed by CAHS Summer Intern, Ellen Scully:
Start Community Bank in New Haven announced the FeeKeeper Club Savings Account pilot program today to help people who use check cashing services easily turn the check cashing fees into a high-yield savings account.
According to the FDIC, unbanked and underbanked Connecticut residents often spend over 2% of their annual income cashing checks; this amounts to $1.5 billion total annually! There are so many better ways this money can be utilized and the FeeKeeper program offers one attractive option.
The FeeKeeper program is a simple, unique way for Connecticut residents to begin saving without drastically changing their day-to-day habits.
Interested individuals should visit one of Start Community Bank’s two New Haven branches before December 15th with a photo ID and check in hand. As usual, the individual will get their check cashed. However, rather than essentially throwing away a portion in fees, the “fee” equivalent will be put into a no-minimum balance savings account.
Start Community Bank welcomes Spanish speakers and offers a $50 cash bonus for individuals who participate in the club for six months.
The FeeKeeper program is part of a wider effort to “bank” Connecticut residents presently without checking or savings accounts. Start Community Bank is one of CAHS’ banking partners for its Bank On Connecticut initiative that strives to educate residents on the importance of having a bank account for emergencies, convenience, safety, and asset building. Start Community Bank partners with Junta for Progressive Action in Bank On Connecticut’s New Haven pilot program.
CAHS commends Start Community Bank’s creative FeeKeeper pilot program, and encourages all interested individuals to learn more at: https://www.startbank.com/feekeeper_club_savings_program.html