CHATHAM — My Block My Hood, My City and the Neighborhood Housing Services of Chicago will be out again Tuesday night helping people get on the road to financial literacy via their “Currency Change” campaign.
The two organizations hosted a similar event earlier this month outside of a currency exchange on South Cottage Grove Avenue, where they signed up over a dozen residents for checking accounts with minority-owned Seaway Bank.
New account holders are given $25 to start, provided that they complete a free financial literacy course. Upon completion, they’ll receive another $25, with the remaining $50 given to them at the end of the year, but only if their accounts are still active.
Volunteers will be onsite at NHS Chicago’s Chatham office, 639 E. 87th St., Tuesday night at 6 p.m. to sign up residents.
“This campaign is about banking local, about improving our personal banking habits and educating people about the predatory nature of non-bank financial services,” Cole said.
“On the first and the 15th, thousands of people are cashing their checks at a non-bank financial service and every two weeks, workers are losing 3 percent of their hard-earned money just to access their money. This shouldn’t be happening.”
Putting people back in control of their money is the first step to wealth-building, NHS Chicago’s Tiffany Smith told Block Club in a recent interview.
Unlike most banking institutions, Seaway doesn’t charge overdraft fees, removing another obstacle to financial wellness, she added.
You can donate and volunteer towards our Currency Change campaign formyblock.org/currencychange.
Do stories like this matter to you? Subscribe to Block Club Chicago. Every dime we make funds reporting from Chicago’s neighborhoods.
Already subscribe? You can make a tax-deductible donation to support our nonprofit newsroom here.