March 28, 2011 – Mayor Jim Suttle joined the city of Council Bluffs, nine banks, three credit unions and a group of non-profits today, to launch a new program called Bank on the Heartland. Its purpose is to assist 48-thousand households in the metro area without checking or savings accounts. Predatory lending and check-cashing businesses exploit low and moderate income people in the metro area, generating $22 million dollars annually from families who cannot afford these costs.
“Bank on the Heartland gives families in the metro area access to mainstream financial institutions, products and services,” said Laura Castro de Cortes, Director of Emerging Markets with Centris Federal Credit Union. “Connecting people with traditional banking services, allows them to have more disposable income to put toward savings or towards reducing their debt. It enables them to achieve some financial success which is a great benefit to these individuals, and to our community in general.”
“We are fortunate to have nine banks and three credit unions with 100 branches stretching between Omaha and Council Bluffs, willing to assist in this public-private partnership which provides financial education to “unbanked” members of our community, said Mayor Jim Suttle.
Over forty community partners are helping connect “unbanked” people with new accounts. Several of these partners are also providing financial education to Bank on the Heartland Customers. For more information on the program you can visit the Bank on the Heartland website at www.joinbankon.org .
