ORLANDO, Fla. Two local credit unions, Central Florida Educators CU and Orlando FCU, have joined eight banks and community organizations to offer financial lifeline services to the area’s unbanked in a new Bank On Greater Orlando program.
Bank On Greater Orlando is a collaboration with Orlando Mayor Buddy Dyer, Heart of Florida United Way and Florida Prosperity Partnership, a statewide organization launched in 2008 aimed at offering programs to boost financial stability for low-income residents.
Some of the accounts will have minimum balances, but others will not. Some banks and credit unions will offer second-chance accounts to those who have bounced checks.
The program is aimed at saving low-income consumers between $1,000-$2,000 annually in check-cashing, payday lending and other high-interest fees, but it also is intended to educate residents so they can become better customers/members for banks and credit unions.
