First Reliance Bank, the bank of South Carolina, has created an outreach program, Check ‘N Save, especially for people who have experienced trouble managing their bank accounts in the past or who may have been turned down by a bank or credit union for a checking or banking relationship.
The Check’N Save program, includes a checking account combined with a high interest 12 month savings CD, for which the bank will contribute the first USD10 for the CD to be opened. Customers are required to set up transfers for as little as five dollars a month to go into the CD and they can make unlimited deposits in addition to their automatic transfers. The package is designed to help customers learn to manage a checking account and encourage saving. Convenient services such as ATM service, online banking and billpay services are also available.
The program also provides customers a partnership with associates of First Reliance bank who provide financial tools which include personal and family budget worksheets, printed information on how to balance their checkbook, money management tips and free online financial education courses. Customers who want additional assessment and financial counseling have the option to enroll in a program offered through a company the bank has partnered with, Checking Network USA. This program will help customers learn how to manage a banking relationship and protect their credit.
“Our team is excited to be involved in this community outreach program,” says Rick Saunders, chief executive officer, First Reliance Bank. “We began realizing the real need for bank services among low and middle income households when we read a report outlining the number of households in the US that have no relationship with a bank. As a local community bank, we believe it to be part of our purpose, to provide convenient banking program’s specifically designed for people in our neighborhoods including those individuals that currently do not have a banking relationship.”
“In our research, we found we could offer a check cashing and savings program, at a significantly lower cost than other alternative financial servicing businesses,” continues Saunders. The money that could be saved in fees could go into a savings account that could be used for an emergency fund or even a down payment on a home in the future. This information compelled us to develop a program that would make a difference in people’s lives and help them financially because they came to us. We anticipate that the program will attract a lot of good banking customers.”
L.D.