Local Bank Aims at Helping Teach African American Children about BankingBy Lawayne Childrey | Published 19 Apr 2013 03:28pm |
Photo courtesy of www.bet.com
Six out of ten Black Mississippian's don't have a bank account.
That means many are forced to use check cashing or payday lenders who charge exuberate fees for financial services.
One institution is trying to change that trend beginning with preschoolers.
Bill Bynum is the CEO of HOPE Enterprises in Jackson. He says his goal is to teach children in distressed communities the importance of saving money.
"It's really been fun to see kids saving their pennies, opening up their piggy banks, taking them up to our telecounters and making their deposits."
For Bynum the bottom line is to teach children how to save for their financial future.
"What we're really trying to promote, and we're trying to start early with these kids is getting people into a relationship with a financial institution that will charge you reasonable rates for basic financial services, and as you need to buy a car, buy a home or want to start a small business, you have a realtionship with an institution that is willing to help you," says Bynum.
African Americans are disproportionately represented among the states un-banked population.
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