PHILADELPHIA-A dozen area credit unions have joined banks and thrifts in a new program, called Bank on Philadelphia, to recruit unbanked people and get them to join a depository institution.
The program is modeled on the successful Bank on San Francisco initiative that has been adopted by six other major cities. The program offers low-cost checking and savings and other services to underserved people, in order to encourage them to open a federally insured credit union or bank account.
Among the sponsors of the Philadelphia program are the U.S. Treasury, the City of Philadelphia Controller's office and the Pennsylvania CU Association.
Participating credit unions include: Freedom CU, Philadelphia FCU, PSTC Employees FCU, SERVCO FCU, Sun East FCU, Transit Workers FCU and TruMark Financial CU, among others.
