According to a 2011 FDIC survey, 1 in 12 US households) are unbanked. Learn More >
Working with the Massachusetts Community and Banking Council (MCBC), the goal of Basic Banking for Massachusetts is to coordinate and encourage the offering banking services to unbanked and underbanked households:
Considered a national model, the Basic Banking Website provides consumers access to 200 Massachusetts banks which provide:
• Voluntary check cashing for public benefits recipients who do not have bank accounts.
• A direct-deposit program in conjunction with the Massachusetts Department of Transitional Assistance.
• Low-cost savings and checking accounts for those of modest means.
We have also expanded our involvement in several areas as part of our outreach to new community groups and emerging populations. The Association played a key role in supporting the FDIC in its Boston Alliance for Economic Inclusion (BAEI) (formerly New Alliance Task Force), a coalition of banking, community, immigrant advocacy and foreign consulate organizations all devoted to expanding the ability of the unbanked and immigrants to gain access to and participate in the banking system.
The BAEI has been a driving force in focusing on legal and technical issues, products and services and financial literacy issues impacting the unbanked and immigrant community.