On August 21st several community partners, including fourteen banks and credit unions celebrate the beginning of Bank on St. Petersburg. It is estimated that 18,300 households in St. Petersburg do not have a banking relationship. Using non-bank check cashing services averages $40 per pay check which puts an added strain on family budgets.
Most of the participating banks are offering accounts with no minimum balance or maintenance fees as well as "second chance programs," for individuals who have written bad checks in the past.
Bank on St. Petersburg can be the first step for the unbanked population as they begin to move themselves toward financial independence, debt reduction and wealth generation. Visit www.bankonstpete.org to find out about participating banks and credit unions as well as the accounts and services they offer.
More information on the products and services offered by Bank on St. Pete, including a list of participating banks and credit union locations, is available at www.BankOnStPete.org or by calling 211.