Financial access is in reach! FAIR Banking helps low-income Minnesotans access checking and savings accounts, build credit and financial confidence through a partnership with Sunrise Banks.
FAIR, a program of the Twin Cities-based nonprofit Prepare + Prosper, is hosting a series of one-on-one sessions with trained community ambassadors at area libraries. These free, informational and enrollment sessions will continue every month through the summer.
FAIR is committed to improving the financial well-being of low- and moderate-income Minnesotans through safe and affordable financial services and coaching. The goal is to serve communities that mistrust mainstream banking and those that have been shut out or lack access. FAIR provides customers with banking solutions like predictable fees, no overdraft charges, control over their money and an avenue to build credit.
Account holders can use online and mobile banking apps to make deposits, view statements and transfer funds. They can get cash at point-of-sale purchases and make surcharge-free ATM withdrawals at four participating banks, and sign up for regular text and email alerts to monitor balances and account activity.
At the monthly library events, people can meet with a FAIR community ambassador – a current FAIR customer – to ask questions about the program and enroll in an account.
North area sites are: North Regional Library, 1315 Lowry Ave N, on second Tuesdays monthly from 4-7 p.m.; and Brookdale Library, 6125 Shingle Creek Pkwy., first Mondays 4-7 p.m.
For more details or to register for one of the events, visit fairfinancial.org, Facebook and Instagram.
In Minnesota, nearly 40 percent of Black, Indigenous and/or households of color (BIPOC) are unbanked or underbanked compared to 10 percent of white households. Over the course of a financial lifetime, this disparity can add up to $40,000 in fees. Nationally, underserved households spend $173 billion in fees and interest, according to a study from the Center for Financial Services Innovation.
FAIR is working to address these gaps and disparities and to help Minnesotans build financial security. The products and support offered enable people to spend less money to access their own money. Most importantly, the program is designed to serve customers where they live, work and receive services. Unlike traditional banks, FAIR partners with nonprofits and community organizations, like Twin Cities area libraries, to promote and offer financial solutions.
Prepare + Prosper is a nonprofit focused on building brighter financial futures for low- to moderate-income individuals and families. It provides free tax preparation; financial services, products and coaching; and works to advance policies and practices that directly benefit the people it serves. For info visit prepareandprosper.org, Facebook and Twitter.
The Financial Access in Reach (FAIR) initiative introduces to the market a new solution that provides a safe, affordable and effective way to transact, save and build credit. It includes:
• Checking account: With no account overdraft fees or monthly minimum balance requirement.
• Savings account: No monthly minimum balance requirement or monthly fees.
• Credit builder loan: A loan deposited and saved into a CD. On-time payments to unlock the CD can help build credit.
For info visit fairfinancial.org, Facebook and Instagram.