The recent collapse of Silicon Valley Bank drew a lot of national and international attention as some lost fortunes, but FDIC insurance protected those community members who had deposits of $250,000 or less.
Such protection doesn’t exist for the unbanked and the underbanked, a population that financial institutions are increasingly trying to reach. As a recent Washington Post article stated, the unbanked and underbanked face substantially greater risks because alternative financial services are less regulated and don’t have the benefit of FDIC insurance.
This is just one of the issues financial experts and consumer advocates will explore during Taking Account: The Annual Bank On Suncoast Forum, from 10 a.m. to 1 p.m. on May 2 at the Center For Health Equity, 2333 34th St. S. Visit https://tinyurl.com/4r5e4kmc to register.
United Way Suncoast is the lead convener of Bank On Suncoast, an initiative that aims to create economic equity through helping the unbanked become banked and the underbanked become better banked. The unbanked are community members who either choose or can’t attain a traditional banking account. The underbanked have accounts but generally rely on alternative financial services like check cashing, payday loans, and buy-here-pay-here car lots.
The Bank On Suncoast Task Force is a grassroots coalition, serving the United Way Suncoast’s geographic footprint, that consists of federal regulators, local government, nonprofits, insured financial institutions, and local employers. Bank On’s goal is to ensure that everyone has access to safe and affordable banking services and products.
At this annual summit, experts will share details about this trending issue, and community members will share experiences about financial institutions and non-bank financial products. Attendees also will gain a greater understanding of:
— The financial toll exacted by alternative financial services (an estimated $40,000 the lifetime of low to moderate income earners).
— The lack of access the unbanked and underbanked have to prosperity-boosting services provided by banks and credit unions.
— The inability of the fintech industry to offer credit building opportunities, customer service or financial expertise.
Contact Ernest Hooper at email@example.com for more information.