Mainstream Financial Services
Throughout the Green River service area, mainstream financial services are present in every community in the form of banks and credit unions. They provide area families with a wide array of competitively priced financial products and services which can enable them to save a portion of their incomes to create an emergency fund, save for a down payment on a house, or capitalize a small business. These institutions also can serve as a source of credit to purchase a car or a home.
The alternative financial services market stands in sharp contrast to our area’s mainstream financial institutions. It consists of payday loan stores, title companies, check cashing, and rent-to-own stores, etc. These alternative services are expensive to use and frequently make financial problems much worse for those who depend on them. Brookings Institution research indicates that Daviess County families annually pay nearly $2.0 million annually in payday loan fees at an annual percentage interest rate exceeding 350%.
Seven good reasons to open an account at a bank or credit union:
- It’s convenient.
- You can stop using check cashing merchants and stop paying for your own money.
- You can write checks to pay your bills. No need to buy money orders.
- A checking account is more secure than carrying cash.
- You can take advantages of other banking services: direct deposit, online account access, automatic bill pay, money transfers to family and friends, and more!
- If you have money in your account, you can use an ATM/Debit card to get cash whenever you need.
- You can earn interest on money in your savings account.
Please contact us to learn more or to find out how Green River Asset Building Coalition can help with using mainstream financial services.