Wichita coalition helping to create safe, affordable banking options

WICHITA, Kan. (KWCH) – Wichita community leaders are working to provide safe and affordable banking options for people who normally may not use a bank.

Bank On ICT, an initiative through the United Way of the Plains, brings together local financial institutions, government leaders and nonprofit organizations to help the community of people who are unbanked or underbanked.

“Approximately 6.6% of households in Wichita rely on costly alternative services – like check cashers, payday lenders and pawn shops – for routine financial transactions. They are half as likely to save for emergencies as those with traditional financial accounts and can spend more than $40,000 over a lifetime in fees to access their money,” said Michelle Presnell who leads Bank On ICT and serves as the Community Impact Manager for Financial Stability, at United Way of the Plains.

Bank of America, Commerce Bank and INTRUST Bank are all offering special accounts through the program, including checking accounts with no overdraft fees and little to no minimum balance requirements.

Community partners providing input and helping to connect their constituents with Bank On ICT services include Consumer Credit Counseling Services, Inc., Dear Neighbor Ministries, Empower, Goodwill Industries of Kansas, Habitat for Humanity, Lead for Kansas, Meritrust Credit Union, StepStone, Workforce Alliance of South Central Kansas and the YMCA.

Those interested in the program can find more information at unitedwayplains.org/bankonict. Bank On ICT representatives will also be available to answer questions at two upcoming Information and Resource Fair events at the following City of Wichita Neighborhood Resource Centers:

Saturday, Oct. 1: 1 to 4 p.m., District 1 Atwater (2755 E 19th St)
Saturday, Oct. 8: Noon to 2 p.m., District 3 Colvin (2820 S. Roosevelt)