New effort to increase banking services launches in Waco

Posted at 5:08 PM, Apr 02, 2018
and last updated 2018-04-02 18:16:20-04

The Bank on Waco Coalition is launching an effort to increase access to low-to-no fee bank accounts.

The coalition is a partnership between multiple banks and non-profit organizations, like Prosper Waco, that are dedicated to improving access to the mainstream financial system.

Benefits of a Bank on Waco account include no overdraft fees, free online bill-pay and free financial education.

The folks behind the initiative believe this will allow low-income individuals to keep more of their money and even begin to save for the future.

"We hope that we open lots of these accounts and get the word out to people in our community so they know they have more options than just a check cashing or a payday lender," said Libby Cain, Vice President of ExtraCo Banks. 

A few of the banks participating include ExtraCo, BBVA Compass and Wells Fargo.

To learn more about Bank on Waco, click here

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