JP Morgan Chase partners with Bank On Central Texas to help Central Texans “Make their Money count”

JP Morgan Chase becomes the 10th partner to join Bank On Central Texas in helping Austin residents open a bank account and bringing affordable financial services to Central Texas. “Mainstream financial institutions like Chase are the safest way for consumers to protect their money,” said Jill Shah, Director of Financial Stability at UWCA. “With Bank On, we’re making it possible for the 47,000 people in our community without a bank account to finally open one. Partnering with Chase allows us to reach even more people.” In its first 9 months, Bank On Central Texas helped 4,300 people open bank accounts, saving a total of $1.7 million in check-cashing fees. Chase will help the unbanked population by offering no-fee accounts, free check cashing, easy direct deposit and referrals to Bank On’s financial education classes. Chase customers will enjoy a more comprehensive menu of services thanks to this partnership. “Families with access to basic services like a bank account are more likely to save and less likely to fall prey to high fees and interest rates,” explained Jill. “In these economic times, it’s more important than ever to plan your finances carefully.”  

Read More

City of Austin saves $7200 thanks to Bank On Central Texas

As one of Austin’s largest employers, the City of Austin is setting a strong example about how employers can empower their workers: over 350 City of Austin employees have switched to using direct deposit to deposit their paychecks thanks to Bank On Central Texas, a collaboration between United Way Capital Area and PeopleFund. This move will save the City more than $7200 in fees annually and save each employee who switched nearly $150 every year. “We’re supporting employers to help them make the best financial decisions for their employees,” said Jill Shah, Director, Financial Stability at UWCA. “Using direct deposit is an easy way for both parties to get more out of their dollars.”

Read More