WHY BANK ON HENDERSON

An estimated 4,000 Henderson households don’t have bank accounts. And approximately half the adult African-Americans and Latinos living in the city have neither checking nor savings accounts.

With no access to mainstream financial services, unbanked Henderson residents are forced to turn to check-cashing companies, spending hundreds of dollars a year just to cash their checks and pay bills, and sending millions of dollars out of our community. Estimates suggest unbanked families spend approximately 5% of their annual incomes just to manage their basic finances. In addition, a bank account is the first step to financial security, and provides the necessary tools to climb the economic ladder. With no safe way to access and save money, unbanked Henderson Residents are particularly vulnerable in times of crisis or emergency, and lack the necessary tools to save and build assets.