Florence-based First Reliance Bank has created an outreach program, Check ‘N Save, especially for people in communities who have experienced trouble in managing their bank accounts. The Check’N Save program includes a checking account combined with a high interest 12 month savings CD, for which the bank will contribute the first $10 for the CD to be opened.
Customers are required to set up transfers for as little as five dollars a month to go into the CD, and they can make unlimited deposits in addition to their automatic transfers. Convenient services such as ATM service, online banking and bill pay services are also available. The program also provides customers a partnership with associates of First Reliance bank who provide financial tools which include personal and family budget worksheets, printed information on how to balance their checkbook, money management tips and free online financial education courses.
Rick Saunders, CEO, First Reliance Bank, said: “We began realizing the real need for bank services among low and middle income households when we read a report outlining the number of households in the US that have no relationship with a bank.”
In our research, we found we could offer a check cashing and savings program, at a significantly lower cost than other alternative financial servicing businesses. The money that could be saved in fees could go into a savings account that could be used for an emergency fund or even a down payment on a home in the future. This information compelled us to develop a program that would make a difference in people’s lives and help them financially because they came to us, Mr. Saunders added.
