They rely on costly alternative financial services—like check cashers, payday lenders, and pawn shops—for routine financial transactions. They are less than half as likely to be able to save for emergencies or their futures. Being unbanked can cost $40,000 over a lifetime.

They rely on costly alternative financial services—like check cashers, payday lenders, and pawn shops—for routine financial transactions. They are less than half as likely to be able to save for emergencies or their futures. Being unbanked can cost $40,000 over a lifetime.

What is Bank on Newark?

Bank On Newark is committed to helping residents in the Greater Newark area to gain access safe and affordable banking products and services. Like dozens of other Bank On coalitions across the country, Bank On Newark partners across sectors to work to connect residents to banking products that are certified as meeting the Bank On National Account Standards. Bank On Newark also helps residents with information about how to use these products effectively and how to navigate the consumer finance marketplace successfully. Bank On Newark is part of the national Bank On movement of local partnerships across the country working together to improve the financial stability of unbanked and under banked residents and to connect them to safe, affordable bank and credit union accounts. These local coalitions provide outreach and programming to connect residents to safe financial products, partner with local financial institutions to facilitate account access, and work to integrate banking access strategies into nonprofit and government social services.

“The overall health of our local economy depends on the financial well-being of thousands of individuals and families. However, we cannot achieve progress as a city if our residents lack access to healthy financial relationships. The Bank On Newark initiative catalyzes financial freedom by equipping us with the resources and tools we need to empower our residents and improve their lives.”
– Yusef Ismail, Director of Programs, United Way of Essex & West Hudson

Join the National Movement

With the support of the national Cities for Financial Empowerment Fund, there are dozens of local Bank On coalitions across the country. Certified accounts already are available in more than 25,100 branches across the entire country. Bank On coalition partners work with others to secure safe banking access, working at the national, regional, and local level to partner with financial institutions, government programs, banking regulators, consumer advocates, and others to increase access to safe, low-cost transactions products.

By integrating with Newark’s Free-Tax-Prep program, thousands of Newarkers who could potentially benefit from the Bank On program will be identified. By working through the collective impact of our various partners, more Newark residents will be targeted, have access to and ultimately benefit from safe and affordable banking products.

For more information on partnering with Bank On Newark, please contact Gavin Taylor, 973-854-2244, gtaylor@uwewh.org