Managing the Crisis: Affordable Banking Options
As this global pandemic develops into a broad economic crisis, tens of thousands of Coloradans are living on the financial edge. For the nearly 1 in 4 Coloradans who rely on alternative financial services like check cashers and money orders, the extra costs to access their money could be the straw that leads to debt traps and financial devastation. It’s critical everyone knows there are safe, affordable options: checking accounts with low or no fees, no overdraft charges, and free online bill pay features.
For consumers looking to find alternatives, the BankOn certified accounts offered by major national banks, state and local banks, and credit unions are a great place to start. These accounts can be set up both in person at drive-through locations and remotely. Below are a few links to help compare different accounts to find low-cost, safe alternatives to meet everyday needs.
- Denver BankOn account options:
- National BankOn certified accounts that can be set up online
- Payment flexibility options by major banks
- How to update banking information with the Colorado Department of Labor and Employment for unemployment insurance
- Financial coaching resources
- Operation HOPE (nationwide)
- mPowered (Denver metro are)
- Call 211 outside the Denver metro area to find your nearest financial coach or counselor who can help navigate emergency resources and financial options.
At a time when every dollar counts, using low-cost and no-fee banking services can help families stretch money further. Having access to electronic deposits and avoiding paper checks is also faster and more efficient, making it easier to bank from home and with less potential for fraud.
If you have additional information that should be added to the above resources, please contact Cate Blackford at blackford@bellpolicy.org.
