ABA Foundation Highlights Strategies for Expanding Financial Inclusion to Persons with Criminal Records.

ENPNewswire-November 12, 2021--ABA Foundation Highlights Strategies for Expanding Financial Inclusion to Persons with Criminal Records

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Release date- 11112021 - Banks are employing a number of successful strategies to help promote financial inclusion among individuals with criminal records, the American Bankers Association Foundation noted today in a new white paper.

Effective strategies can include offering access to low-cost bank accounts, partnering with local or state departments of corrections to allow individuals with criminal records to cash certain kinds of checks, and factoring 'inclusive design' into bank products and services by modifying restrictions that may result in unintended denials of service for these individuals, the paper noted.

The paper highlights real-world examples of how banks are expanding access to financial services to justice-involved persons, including a partnership between banks and Lansing, Michigan's Office of Financial Empowerment to offer Bank On-certified accounts to individuals returning to society after incarceration, and an effort by Honolulu-based Bank of Hawaii to offer savings accounts and basic check-cashing for participants in a work-release program for inmates at the...

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