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New program to help those without bank accounts

Rapid City residents who rely on check-cashing services and payday loans are the target of a new city initiative aimed at increasing access to traditional financial institutions in the community.

Bank On Rapid City officially launched Monday to connect those who don't bank with free or low-cost checking and savings accounts at one of seven participating banks and credit unions in Rapid City.

"If we can get these unbanked individuals in front of financial representatives, our hope is to educate and help them keep more of their money in their pocket," said Patty Hogan, district manager for U.S. Bank, one of the seven financial institutions participating in the program. "We'd like to help them avoid high-cost borrowing, maximize their savings and build a good credit rating for the future. If we don't get them into mainstream banking that will never happen."

The partnership of the city, nonprofit organizations and financial institutions is based on a National League of Cities program that has found success across the country. In 2009, Rapid City was one of eight cities nationwide to receive free technical assistance from the league to start a program locally.

According to a 2009 FDIC survey, about 6 percent of Rapid City's population, or 1,567 people, do not have a bank account of any sort. Another 16.8 percent, or 4,388 people, are considered "under banked," meaning they have a bank account but still use payday loan or check cashing services.

The problem is that someone who works 40 hours a week at $8 an hour can easily pay $700 a year in fees just to cash their paychecks at cash checking services, said Bonnie Spain, executive director of Consumer Credit Counseling of the Black Hills and co-chairwoman of the Bank On committee.

"People who don't have an account or have had obstacles in the past think that they can't overcome them, but that's simply not true," Spain said. "It is easier to have an account with a bank or credit union than most people think.

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