Following a nationally recognized and successful model, BankOn Kalamazoo County seeks to connect unbanked residents with mainstream financial services, so that they can improve their financial stability and began to build savings. According to Pew Charitable Trusts Proprietary Model, there are over 8,400 families in Kalamazoo County without bank accounts. In order to get by, these families must rely on check cashing and pay day loan services, where they are charged high fees and exorbitant interest rates. Just being able to cash checks with a mainstream bank or credit union can save an individual $40,000 over their lifetime that would have otherwise been spent on check cashing fees.

Financial institutions participating in BankOn have agreed to offer a no or low fee checking account with no minimum monthly balance. They will accept alternative forms of ID such as the Mexican Matricula card. Second chance accounts will also be available for those on ChexSystems (a system used to track financial transgressions) when the incident is more than one year old. If the incident occurred within the last year, accounts can be opened after participation in an approved financial literacy course. Residents who would like to open a BankOn account are welcome to call one of the participating community organizations to get started, or visit any financial institution branch.

We believe BankOn Kalamazoo County will help build valuable assets for residents as they are able to increase savings, gain higher financial security, and no longer need to pay check cashing fees. It is our hope that BOKC will only be the beginning of increased asset development work in Kalamazoo County! If you are interested in getting involved in this important work, please contact the Poverty Reduction Initiative.

Participating Banks and Credit Unions:
Consumers Credit Union
Fifth Third Bank
KALSEE Credit Union
PNC Bank

Participating Community Organizations:
Comstock Community Center
269-345-8556
Goodwill Industries of Southwest Michigan
269-382-0490
Hispanic American Council
269-385-6279

BankOn Kalamazoo is supported by:

City of Kalamazoo
County of Kalamazoo
Poverty Reduction Initiative
Greater Kalamazoo United Way
Kalamazoo Neighborhood Housing Services
Maxwell + Miller