Sound Outreach Awarded National Fellowship

Sound Outreach Awarded National Fellowship To Expand Pierce County Banking Access

Full-Time Bank On Fellow Will Lead Coalition of Government Leaders, Community Organizations, and Financial Institutions in Pierce County to “Bank the Unbanked”

June 29, 2021 – Sound Outreach and national nonprofit the Cities for Financial Empowerment Fund (CFE Fund) announced Rachel McHugh as Pierce County’s Bank On Fellow for a two-year term to advance banking access efforts. Pierce County is one of six Bank On coalitions across the country whose work will be supported by this cohort of the Bank On Fellows initiative. The goal of the national Bank On program is to provide safer access for those habitually excluded from conventional banking and financial services. Secure banking is a crucial part of financial growth and stability, entry into home-ownership, and exit from crisis and uncertainty.

The Bank On program defines banking standards and core account features including low costs, no overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill pay. These standards are have been adopted by nearly 100 banks and credit unions across the country at over 32,5000 branches, comprising nearly 50% of the U.S. deposit market share. Nearly 90 local Bank On coalitions across the country, led by or working closely with local government, are working to expand access to these financial products to the over 36 million people outside of the mainstream financial system through programming opportunities including stimulus payments, tax credits, unemployment insurance, and more.  And now Sound Outreach is ready to increase the banking access here in Pierce County.

Now in its third Wells Fargo-supported cohort, the national Bank On Fellowship Program provides funding to six Bank On coalitions to support a full-time staff position— a “Fellow” — for two years to lead coalition activities. Launched in 2017 with generous support from Wells Fargo, it is the first national initiative focused on building experienced banking-access leaders across the country, equipping them with the training, tools, and resources to make significant advancements in local banking access efforts while at the same time generating best practices for other coalitions. In addition, Bank On Pierce County had a matching funder, Washington Department of Financial Institutions.

”We have seen just how difficult it is for people to make progress when they have been excluded from mainstream financial services,” said James Taylor, Director of Financial Counseling at Sound Outreach, a non-profit specializing in financial health throughout Pierce County. “Whether this exclusion is related to access, affordability, or trust, it forces these potential banking customers to rely on higher-cost alternatives that can easily trap them in a cycle of debt. That is why Bank On is so essential in strengthening our community.”

The CFE Fund leads the national Bank On movement, supporting local coalitions working to connect individuals and families to the financial mainstream through partnerships between local governments, financial institutions, and community organizations.

“The importance of a safe account for everyday financial needs—like receiving funds and paying bills—has never been clearer,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Particularly throughout the COVID-19 pandemic, Bank On coalitions across the country have done critical work helping consumers access certified mainstream bank and credit union accounts to receive stimulus payments and other emergency supports, pay bills, and manage their finances. We know that dedicated staff leadership will supercharge coalition efforts. We are proud to partner with Wells Fargo to support Bank On Pierce County and their new full-time Fellow Rachel McHugh in helping Pierce County residents connect to safe financial products.”

Bank On Pierce County will be housed with Sound Outreach’s main office located on the Hilltop in Tacoma. The program will start out working remotely and will be transition back to in-person along with other Sound Outreach staff. The Pierce County Fellow Rachel McHugh earned a Master of Science in Sustainability, Planning and Policy from Cardiff University in Wales in 2005 and a Bachelor of Arts in Political Science in 1999. Rachel brings a wealth of experience as a coalition builder, non-profit leader, researcher and direct service provider. She has recently relocated from New Mexico.

“I am excited to be the Bank On Fellow for Pierce County assisting in advancing inclusive banking and financial services that seeks to address the real, systemic barriers preventing individuals and families from participating in financial services.” Rachel McHugh, newly appointed Pierce County Fellow for Bank On.

 

“The high number of unbanked households is a complex and long-standing challenge and we want to help more people gain access to affordable, mainstream banking services, whether through Wells Fargo or another provider,” said Darlene Goins, head of Financial Health Philanthropy for Wells Fargo. “This year as part of our new Banking Inclusion Initiative, we’ll also be collaborating closely with CFE Fund and our Fellows to pilot new strategies and approaches that help reduce barriers to banking access in several markets with high concentrations of unbanked households.

 

About the Cities for Financial Empowerment Fund (CFE Fund)

The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting-edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties representing 75 million people, and has disbursed over $52 million to city governments and their partners to support these efforts. For more information, please visit www.cfefund.org  or follow us on Twitter at @CFEFund.

About Sound Outreach

Sound Outreach helps Pierce County residents experiencing low and/or fixed-incomes build financial security through financial coaching, job training, and other connected services. Our Financial Coaches provide guidance and tools focused on increasing household income, attaining relief from predatory loans, improving credit scores, achieving high-wage jobs, and realizing long-term financial goals. Our services are always free; it is our mission to stabilize, elevate, and motivate our clients to greater heights.

Media Contact: Bryan Flint

bryan@soundoutreach.org, 253-208-7496

Sound Outreach Featured on CityLine!

Thank you Community Credit Lab!

Sound Outreach is grateful for Community Credit Lab for allowing us to provide no fee, no interest loans to our clients that have been impacted by COVID-19. Thanks to this partnership, we were able to provide affordable financing to 19 families totaling $35,900. This funding enabled clients to pay for groceries, rent, and car repairs, which went a long way towards overcoming the financial challenges so many in Pierce County are facing due to the pandemic.

Credit UP Podcast Series Premier

[vc_row][vc_column][vc_column_text]The Credit UP Podcast Series is derived from Sound Outreach’s Financial Empowerment Program initiative of the same name. From non-profit leaders to first- time borrowers,  the hosts have authentic conversations with community residents about financial opportunities and obstacles in Tacoma, Washington. For the first three podcasts in the series, click on the the link below.

Credit UP Podcasts [/vc_column_text][/vc_column][/vc_row]

Sound Outreach launches Credit Up

Charles Taylor has a clear vision for his success. He has an ambitious spirit and is not slowed down by obstacles. Overcoming the problems that might discourage others is part of what makes him an entrepreneur. Charles recently started a small but profitable business. He has built a network of contacts and has plans for expansion. What he doesn’t have is good credit–an obstacle that’s difficult to overcome with grit alone.

On November 10th, Charles received the first Credit-Builder Loan through “Credit Up,” Sound Outreach’s financial counseling and loan program done in partnership with Harborstone Credit Union. With long-term financial coaching and access to low-cost financial products, Credit Up helps Pierce County residents take control of their finances.

Charles Taylor signing for the first Credit Builder loan at Harborstone Credit Union.

The Credit Builder Loan is a no-fee, $300 loan with a low 3.1% interest rate. The sole purpose of the loan is to build or repair credit by saving the loan money for a period of time rather than spending it. The $300 loan is deposited in a restricted savings account. After it’s repaid, the funds are released to the borrower who, through positive repayment, has improved their credit score. The Credit-Builder is one of five products offered through Credit Up.

In addition to the loan, Charles is meeting with one  of the program’s certified financial coaches to develop and implement his financial plan, which includes opening a checking account at a traditional bank or credit union. After building his credit, he will apply for a small business loan.

Charles’ story shows why this free program is unique and effective: the program combines financial counseling with access to products that are tailored to unlock peoples’ potential. Loans and other financial products are available to participants recommended by one of the financial coaches.

In the coming months, we’ll share more stories about our dynamic partnership with Harborstone as we team up to prepare Pierce County residents, especially those who are unbanked and underbanked, to overcome obstacles to reach their financial goals.

Questions? Interested in meeting with a financial coach or investigating financial products?

Contact Brian Humphreys

253-486-6381

brian@soundoutreach.org

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A $3,000 Story

INSURMOUNTABLE banner

Have you ever faced a situation that seemed insurmountable? We helped a family this month at Sound Outreach who had challenges that seemed so overwhelming when they arrived, but by the time they left, they felt compelled to call to thank us for the $3,000 we saved them.

Dan is 56, disabled and on Medicare. Carla, his wife is 34 and is also disabled. Carla had no insurance and hadn’t been able to see a doctor for over two years for her mental health issues. When she married Dan two years ago, she lost her SSI because his disability benefits put them just over the income limit for her to qualify for supplemental income through Social Security.

They came to Sound Outreach looking for Health Insurance for Carla.They left with Washington Apple Health (Medicaid) coverage for Carla which allowed her to get an appointment with a mental health counselor.

We helped them to apply for food benefits and they qualified for $159 per month beginning immediately. We applied for the Medical Savings Program, saving the husband his Medicare Premium payment of $104.90 that was being taken out of his $1,455 check each month.

Visiting our office netted them an additional $263 per month and helped them to gain access to essential medical services for both of them.

We also applied for Extra Help, a federal program that assists with prescription drug coverage, Dan, who is disabled with lung disease, had not been able to afford the medication he needed. Now, he will be able to qualify for insurance that will cover his drug costs and cap his co-pays when he fills his prescriptions at a low cost. We are still working with Dan to find him a no-premium supplemental plan to cover some of the costs Medicare does not cover, but we hope to be able to navigate him through that process providing some peace of mind and some extra money to go towards savings.

Finally, Dan and Carla qualified for utility assistance through the WARM Fund from The Greater Tacoma Community Foundation, which paid $200 toward their electricity bill.

These sorts of things make you feel good about getting up each day to fight the good fight, and we can’t do this kind of work without your support. Thank you.

Jeff Klein
Executive Director