In 2016, the Boulder County Housing and Financial Counseling Program received a small grant to kick-off the Bank On Boulder County Coalition. Since December 2017, a 28 member coalition has been formed including eight banks/credit unions, a statewide bankers association and the FDIC; two local community foundations, three local and one national non-profit social service organizations; and six Boulder County social service agencies as well as the City of Boulder.
All have been working together to survey the banked, underbanked and unbanked in the county and hear from unbanked focus groups. These results will continue to influence the production of the Bank On Boulder County Products and Services Menu that will help to guide Case Managers and clients to identify local safe and affordable accounts with features like no overdraft fees, minimal account balances, and free on-line/ATM banking options. The Coalition is also committed to identifying ‘second-chance accounts’ for those that have had banking troubles in the past to address the national statistic that more than half of the unbanked have had accounts previously.
Like Bank On Denver, the local Boulder Coalition considers one-on-one financial counseling and web-based guidance for navigating the account and service options of equal importance to products and services to assist residents in making the best choice based on their individual needs. Joining unbiased financial counseling services with safe and affordable banking options is unique to Bank On Boulder County and our regional mentor, Bank On Denver. The combination of resources and personal service provides a special opportunity for clients to be supported in using mainstream financial institutions to receive direct deposit, pay bills online and on-time, avoid high fees, build positive credit and reap the benefits of competitively obtaining employment, rentals and even purchasing a home.