The Northern
Indiana Commuter Transportation District and Bank On Northwest Indiana are
announcing a new partnership--effective Monday, Sept. 14--to help the South
Shore commuter line’s unbanked and underbanked passengers take advantage of
NICTD’s mobile app and ticket vending machines.
In the longer term,
the partnership may also help area residents in achieving financial
stability and independence as they gain access to essential banking services
and financial education.
“An electronic bank
account, coupled with a debit and credit card, allows our riders to take
advantage of our mobile ticketing app and ticket vending machines,” NICTD
General Manager Michael Noland said. “We are eager to work with Bank On NWI
and the increasing number of financial institutions in our service area
offering Bank On products. With the assistance of Bank On, everyone in our
community can enjoy financial freedom and cost savings.”
“I am excited to be
a part of this innovative partnership from its inception, and look forward
to doing our part to ensure its success,” Indiana State Treasurer Kelly
Mitchell said.
Across the nation,
more than 9 million American households have no bank or credit union
account--typically the foundation of saving and planning for a successful
financial future--while in Northwest Indiana more than 56,000 people have no
bank account or use alternative high-interest non-bank resources, according
to a statement jointly issued by NICTD and Bank On. “On average, these
individuals end up spending $1,000 a year on fees.”
“As a community
bank, Peoples Bank has always looked for opportunities and strategies to
drive community development,” said Ben Bochnowski, president and CEO,
Peoples Bank. “Bank On NWI will assist Peoples Bank in our long-standing
commitment to reach out to the underserved and unbanked, helping the
residents of Northwest Indiana secure a strong financial future for their
families and our neighborhoods.”
Michael Schrage,
president and CEO, Centier, added, “Centier has an ongoing commitment to
both community involvement and financial wellness. We are excited to partner
with South Shore through the Bank On effort, and pleased to see more
financial institutions and organizations jump on board with us as we work to
make debit and credit cards a reality for everyone.”
Bank On NWI,
launched initially with the FDIC in 2008, is a community collaboration made
up of local financial institutions and community based organizations, the
statement said. “The focus is a common goal of securing a financial future
for everyone. Many traditional barriers to opening accounts are reduced or
eliminated with Bank On NWI. These accounts help residents build their
savings, avoid high check-cashing or money order fees, build or rebuild
their credit, and protect their money from theft or natural disasters.
Furthermore, Bank On NWI provides educational workshops on such topics as
budgeting, basic checking account maintenance and financial goal setting.
These workshops provide additional support and resources for future
success.”
Currently,
residents can access financial services and education with eight
participating partners: Centier Bank, First Financial Bank, First Midwest
Bank, 1st Savings Bank of Hegewisch, Peoples Bank, Regional Federal Credit
Union, First Merchants Bank, and Woodforest National Bank. Joining these
financial institutions in their mission to help families obtain financial
stability are Lake Area United Way, Northwest Indiana Community Action,
2-1-1, and many other community organizations.