Make him (pay) the day | Independent from New Haven

Big banks scam millions of low income depositors with fake accounts or unnecessary fees or red mortgage rates or higher rates. Payday lenders are preying on the “unbanked” with shark-loan interest rates they can’t meet.

On the other hand, New Haven now has Samantha Savvidou. Can she come to the rescue?

Savvidou, a social worker who just received her masters degree from the University of Connecticut, has set up as the very first “Bank On Fellow” to help the 20% of New Haveners who do not have conventional bank accounts. get accounts and learn techniques. who keep the money in their hands.

A team of these “fellows” began to work in locations across the country. The national non-profit organization called Cities Fund for Financial Empowerment set up the program across five state-level. The Connecticut Association for Social Services (CAHS) is his partner for our state, and CAHS hired Savvidou for the two-year concert in New Haven.

Its mission is to connect low-income and working-class people by avoiding having to resort to check-cashing services that end up keeping an average of $ 500 of their money on average each year (or to lenders payday advance money for paychecks and then take cuts in return). And by working with START Bank and other local lenders, Savvidou will connect people with training that will help them budget better, save more money, and avoid financial problems. (People can join her at. (JavaScript must be enabled to display this email address).)

His organization urges banks to meet certain standards for access to “safe and affordable accounts,” such as allowing people to open accounts that require $ 25 or less upfront to open or minimum balances of $ 10 in advance. to keep. The big banks here often have such accounts available, but they don’t know about them, Savvidou said in an interview with WNHH FM’s “Dateline New Haven”.

She said she viewed her mission as social work, even though people don’t always see access to banking as a traditional social work issue. “I feel like I’m serving a bigger purpose” by organizing the community and helping people avoid financial risks and developing progressive public policies.

Click on the audio file above or the Facebook Live video below to listen to Samantha Savvidou’s full interview on WNHH FM. (His portion of the Facebook Live video begins at 6:45 p.m.

posted by: THREE-FIFTH Nov 14, 2017 10:23 a.m.

And by working with START Bank and other local lenders, Savvidou will connect people with training that will help them budget better, save more money, and avoid financial problems. (People can reach her at this email address.)

The banks are crooked. Credit unions are better.

Banks vs credit unions

https://youtu.be/r5ND2YasEUI

How is a credit union different from a bank

https://youtu.be/X0fdu6vHrdg

posted by: 1644 November 14, 2017 3:39 p.m.

Wells Fargo, the villain of the unauthorized account scandal, offers to verify a minimum deposit of $ 25 and a service charge of only $ 10 / month, waived if the account holder has more than $ 500 / month in direct deposits or in other circumstances. Many other banks offer similar accounts.
https://www.wellsfargo.com/checking/
In addition to these accounts, federal law should require banks to honor drafts drawn on accounts they hold. For example, if I have a check drawn on a Bank of America account, I should be able to cash it at Bank of America whether or not I do business with BoA. After all, BoA knows if the account has sufficient funds and holds the signature card of the account holder.

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