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Information from Bank On Oregon and the financial industry

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EN ESPAÑOL

For immediate release: Oct. 30, 2014

For more information:
Elena Fracchia, United Way of Lane County, 541-741-6000, ext. 101, EFracchia@UnitedWayLane.org
Brian Stewart, JPMorgan Chase & Co., 503-227-3631, Brian.stewart@jpmchase.com

Bank On Oregon connects consumers with safe, affordable financial products

Salem – Starting today, Oregonians have a new resource to get on the path to financial security. Through Bank On Oregon, consumers can find a safe, affordable checking or savings account and sign up for classes that can help them manage their money.

“Many Oregonians have had past challenges that have made it difficult to access affordable and safe financial products,” said Elena Fracchia, director, income and engagement, United Way of Lane County and co-chair of Bank On Oregon. “Bank On Oregon will help these consumers stop paying for high-cost products and start saving for their future.”

Bank On Oregon is a collaborative effort among consumer advocates, banks and credit unions, state and local government, and community institutions. The Bank On Oregon website, at www.bankonoregon.org, provides information on low- or no-cost products available at participating banks and credit unions. Consumers also can find information about workshops and classes taught by financial education providers.

Bank On Oregon launched today at a two-day housing and financial stability conference at the Salem Convention Center hosted by Neighborhood Partnerships, one of the convening members of Bank On. The conference is introducing several new ideas and strategies aimed at breaking barriers to financial opportunity in Oregon.

“Opening a checking or savings account is often the first step toward achieving financial goals, but many consumers are reluctant to take that first step,” said Brian Stewart, government relations and civic engagement, JPMorgan Chase & Co. and co-chair of Bank On Oregon. “We support Bank On Oregon’s efforts to help make the process of opening an account at a bank or credit union more accessible for Oregonians.”

According to FDIC’s 2013 National Survey of Unbanked and Underbanked Households:

“Many Oregonians who are using high-cost financial services do not realize they have other options,” said Patrick Allen, director of the Department of Consumer and Business Services. “We are pleased that consumers now have a central place to find low-cost products and financial education tools to help shape their financial future.”