Program Spotlight:
Bank On Lehigh Valley Coalition with Erlinda Aguiar
The Bank On Lehigh Valley Coalition
Bank On is a national program created by the Cities for Financial Empowerment Fund (CFE Fund). We are one out of over one hundred coalitions in the country. We are the Bank On Lehigh Valley Coalition. “Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. In addition to connecting people to safe and affordable accounts, Bank On coalitions also work to raise public awareness, target outreach to the unbanked, and expand access to financial education” (https://cfefund.org/project/bank-on/).
Currently, the Lehigh Valley Bank On Coalition includes the following banks and credit unions offering a Bank On Certified Account:
Banks:
ESSA Bank & Trust: Bank On Certified Account
First Keystone Community Bank: Keystone Bank On
First Northern Bank and Trust: Foundation Checking Account
Fulton Bank: Xpress Account
J.P. Morgan Chase Bank, N.A.: Chase Secure Banking
Peoples Security Bank & Trust: Peoples Empower Checking
PNC Bank: Foundation Checking Account
QNB Bank: Opportunity Checking
Santander Bank: Essential Checking Account
TD Bank: TD Essential Checking Account
Truist Bank: Truist Confidence Checking Account
Univest Bank & Trust Co.: Bank On Certified Account
Credit Unions:
First Commonwealth Federal Credit Union: Fresh Start Checking
People First Federal Credit Union: First Step Account
Bank On’s goal is to ensure that everyone has access to a safe and affordable bank or credit union account.We also promote financial education for residents of the Lehigh Valley.
Accomplishments
Our outreach efforts include attending community events and organizing events to increase awareness about safe banking and financial resources available in our community. Information was shared with over 1,500 individuals and families in the Greater Lehigh Valley in 2024. Bank On is providing financial education classes at the Elementary school level. Our most recent 6-week financial education program was held at Roosevelt Elementary School in Allentown. Over two hundred students participated in the program. We also held two Family Nights on December 3rd and 4th, 2004 (4th grade and 5th grade).
In 2024, from March through December, I was able to provide financial education training about budgeting and saving to clients of the PA CareerLink Lehigh Valley. We also organized an Interactive Financial Services Fair at the PA CareerLink Offices in Allentown on December 6, 2024.
Plan for Growing Impact
Our plan is to continue growing our Bank On Lehigh Valley Coalition and to continue teaching financial education classes and expand to provide classes in the Bethlehem Area School District. We also will continue educating residents about safe financial products, saving, and increase their knowledge so they can improve their financial situation and make good choices to achieve a better financial future.
Left: Erlinda Aguiar, Bank On Ambassador, United Way of the Greater Lehigh Valley. Erlinda is an NFEC Certified Financial Education Instructor and plans to earn the Certified Personal Financial Wellness Consultant coaching certification as well.
Financial Inclusion and Additional Information from the NFEC
The National Financial Educators Council defines financial literacy as “Possessing the skills and knowledge on financial matters to confidently take effective action that best fulfills and individual’s personal, family and global community goals”. But what our definition does not state explicitly is that gaining the skills and knowledge necessary and using them rests on access to financial services, beginning with a bank account. In other words, financial literacy, the discussion of which is thankfully growing, relies on financial inclusion, which isn’t as often discussed. The NFEC has a page with more information on financial inclusion, including information and statistics. Bank On’s About page also has information about those who are unbanked or underbanked.
In short, anyone without a bank account will likely pay more for financial services when they need them, as they will not have already established a relationship with a bank that offers them, or have an account to facilitate such services, often resulting in fees for the most basic transactions. Being unbanked will also make it more difficult to establish a regular pattern of saving money, and the same people will be more likely to carry larger amounts of cash or have large amounts stored at home. As a result, they are more susceptible to crime, while often already experiencing poverty.
The Bank On program sets standards for accounts and services among partners, who can apply for national certification should their services (including bank accounts) comply. A major part of the standards is low or no fee accounts and services. With bank accounts in particular, monthly fees, minimum deposit amounts, and other fees often bar people experiencing poverty from opening an account and keeping one open. The latter can be the result of inconsistent income and fees steadily eating away at a balance until nothing is left.
As a result, the National Financial Educators Council sees programs like Bank On as particularly important, and applauds the financial education efforts of the Bank On Lehigh Valley Coalition.