CBO Partners with Bank on Sacramento to Provide Financial Education Workshops – Greater Sacramento Urban League

 

Greater Sacramento Urban League logoSacramento Community Based Organization Partners with Bank on Sacramento to Provide Financial Education Workshops

Greater Sacramento Urban League

Greater Sacramento Urban League (GSUL) is a Bank on Sacramento community based organization (CBO) partner. They have conducted a financial education workshop on basic banking skills every month as part of their Bank on Sacramento partnership.

Through Bank on Sacramento, the Greater Sacramento Urban League has partnered with various financial institutions, including Bank of America, Citibank, SAFE Credit Union, and Wells Fargo and to provide its community with more information and education on the importance of being a part of the financial mainstream. GSUL believes that programs such as Bank on Sacramento are especially needed in low income communities in order to provide its unbanked community members with a second chance to build a healthy financial relationship with local banks and credit unions regardless of their banking history, as well as inform them of the many benefits local banks and credit unions have to offer, including free or low-fee accounts. The encouragement of active communication between our community and local banking institutions aids in dispelling the belief of distrust and outrageous fees towards local banks and credit unions.

Bank on Sacramento financial literacy workshops, facilitated at the GSUL headquarters, have been well-accepted and extremely beneficial to members of the community. By collaborating with our partners SAFE Credit Union, Wells Fargo and Bank of America in hosting these workshops and incorporating the workshop curriculum throughout our other offered programs and services, we have provided monthly financial literacy education to over 300 unbanked participants since January 2010. As a result, over 10% of our participants have created accounts with local credit unions and banks within our community.

The financial literacy workshops are conducted by a volunteer trainer from one of our partner banking institutions and provide basic financial management skills that teach participants the difference between a bank and credit union, how to open and maintain their own checking and savings accounts and how to keep track of their spending. In addition, participants are taught how to create a budget, develop a personal savings plans, how to improve their credit score and how to prepare to become a homeowner.

Providing participants with individual financial coaching and peer support groups gives them the opportunity to establish relationships with local bank and credit union representatives, promotes trust with that financial institution and enables participants to start feeling comfortable about navigating the unfamiliar and often complex financial system. Throughout this partnership, GSUL has found that most participants after completing their initial financial workshop are eager to learn more and complete additional training. Accordingly, additional training was provided and covered more complex financial information that included the importance of establishing credit, obtaining a stellar credit score, how to create a lifetime financial plan, details on the expenses of investing and the impact of compounding, how to manage mutual funds, index funds and economic forces that impact investments.
The training and activities associated with these financial literacy workshops assist GSUL in achieving its mission of enabling the community to secure economic self-reliance, parity, power and civil rights.

GSUL is seeking additional partnerships with financial institutions that have branches in the community so that Bank on Sacramento Financial Education Workshop participants gain access to contacts at various institutions (both banks and credit unions), allowing them to have a wider range of options when it comes to financial decisions.

To contact GSUL about partnering to provide financial education workshops, please contact Taurus Jackson, Vice President of Programs, at 916-286-8600 ext. 8668 or via email at tjackson@gsul.org.

About GSUL

The Greater Sacramento Urban League (GSUL), a traditionally African American organization, assists all people in achieving self-sufficiency and equality. We accomplish our mission through direct service, advocacy, education, and collaborative partnerships.

Formed in 1968, the GSUL is an affiliate of the National Urban League and one of 98 affiliates located in 36 states and the District of Columbia. GSUL, although a 501(c)(3) nonprofit organization, is recognized by the State of California as an approved Private Postsecondary/ Vocational Education institution and has provided educational training to thousands of youth and adults from the urban communities surrounding Sacramento County.

Learn more about GSUL by visiting their Web site, http://gsul.org.

About Bank on Sacramento

Bank on Sacramento is a regional coalition and member of the statewide Bank on California initiative started in 2008 to help Californians open a bank account and avoid the high cost of checking cashing services and start saving for the future. California is lauded as the first state in the nation to launch the initiative seeking to draw the “unbanked” into the financial mainstream.

For more information about Bank on Sacramento or to partner with the coalition, please contact Alana Golden, mailto:alana.golden@dfi.ca.govor Kimberley Gladden, KGladden@cityofsacramento.org.

Website: www.bankonsacramento.ca.gov

Facebook: Bank on Sacramento

Bank on Sacramento information is also posted to the California Financial Literacy Month Blog: CAFLM.blogs.ca.gov.

Twitter: @CAFLM

Share