CHARLESTON, SC (WCSC) - The City of Charleston, North Charleston and Charleston County in cooperation with the Greater Charleston Empowerment Corporation and a number of non-profit and for-profit partners has created a new Initiative called Bank On Charleston.
The purpose of the Bank On Charleston Initiative is to connect residents of the local community without bank accounts (unbanked and under-banked residents) to affordable mainstream financial services. The Bank On Charleston Initiative is modeled after a successful Bank On Initiative in San Francisco, California and Savannah, Georgia.
In the Charleston, North Charleston and Summerville Metro Areas, 238,632 households are unbanked and underbanked. This means that households are paying more to cash their checks, pay bills and do not have an efficient method to save for the future or keep their money safe.
The initial goals of the initiative are to bank 1,200 unbanked or underbanked residents in the first year of the Initiative while simultaneously providing financial education and budget management training to those residents. The second goal of the program is to provide alternative financing options to clients utilizing predatory lenders.