![]() It provides access to digital financial education and credit counseling through partnerships with reentry programs. How to find banks with second chance bank accountsįirst Step Alliance works with financial institutions to help formerly incarcerated people open and apply for banking services. Those who had bank accounts before incarceration also might experience an involuntary bank account closure due to inactivity or significant fees.Įiden says it's incredibly important to provide banking services and financial education to formerly incarcerated people as soon as possible, so they have the resources to help them build credit, save money, and achieve sustainable financial independence. When these individuals try to open a bank account, they may be denied because they don't have proper identification or because of their criminal history. Nancy Eiden, founder, board member, and secretary of the non-profit organization First Step Alliance, says a high percentage of recently incarcerated people are unbanked or underbanked both prior to and following their incarceration. Second chance banking also serves as an important step in financial freedom for formerly incarcerated people. The role of second chance banking in providing financial freedom for formerly incarcerated Once your credit score is affected, you're able to do some other things," says Alberts. ![]() If you're paying bills on time, then that affects your credit score. Then, if you have money to pay bills, you're paying bills on time. If you're saving money, that means you may have money to pay bills. "If you start with that basic foundation of having a bank account, that changes the focus for a lot of people because now you're saving money. Quick tip: If you've struggled to open a bank account because you don't have a US ID, read through our guide on bank and credit unions that make it easy for non-US citizens to open an account.Ĭonstance Alberts, a former director at the Bank On Greater Milwaukee, says having a bank account is integral for everyone because it builds a foundation for allowing people to reach their financial goals.
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