Program teaches public ways to manage money
By Kirsten Ballard
Published in News on June 11, 2015 1:46 PM
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News-Argus/MELISSA KEY
Lee Hulse, Bank on Wayne program administrator, organizes materials in her office at Literacy Connection for an upcoming finances class for students at Goldsboro High School.
Mallory Latouche wanted financial stability in her life.
She had a job and a bank account but was fighting the urge to stuff her money under a mattress.
"I'm growing up. I'm not a teenager anymore," she said. "I didn't have a banking process. I didn't understand."
Through her volunteering at the Literacy Connections, Ms. Latouche learned of a new initiative to promote financial literacy called Bank on Wayne.
"I thought it sounded interesting and that I would give it a try," she said. So she decided to attend a session.
"Everything was useful," she said. "I've come back a lot."
Ms. Latouche continues to study new modules and learn about credit, loans and how to make her money work for her.
"I'm trying to keep improving," she said.
To date, 98 people have registered for the course and 62 have completed the Bank on Wayne program.
The program began in the spring of 2012 when the United Way board assessed the perceived needs of the community.
United Way of Wayne County Director Steve Parr said members noticed a gap between the goal of financial stability and financial literacy.
Ten percent of Wayne County residents did not have bank accounts. The national average was seven percent, and in North Carolina it was eight percent.
Twenty-three percent were underbanked, meaning they had a bank account but only used it as a clearinghouse for paychecks.
"These are staggering numbers when you look at the number of people," Parr said. "How are they paying their bills?"
He acknowledged community programs, like the Salvation Army, that give aid to those in need, but questioned how many light bills the programs could realistically help.
"Let's go upstream and teach people how to budget," he said. "At the United Way, we want to make everyone more full."
United Way modeled the Bank on Wayne initiative after national Bank On programs. In its inception, Bank on Wayne was the only financial literacy program in North Carolina.
United Way designated $67,000 for the first two years of the program. After the launch period, the program will have to apply for funding.
Parr approached Lee Hulse, an active volunteer at Literacy Connections, to help mold Bank on Wayne into the program United Way desired.
As Mrs. Hulse investigated the ramifications of being unbanked or underbanked, she realized the high cost of operating outside of the financial mainstream.
Although she has an English background, Mrs. Hulse says the program is very basic.
"It's not high finance, it's how to create a budget, how to own and operate effectively a checking and savings account," she said. "The basic core of the program is very hands on and relevant. It's not high finance."
Bank On Wayne has partnered with three local banks: BB&T, PNC and the N.C. Community Credit Union. The banks have designated an employee to help unbanked graduates of the program open an account. The banks have developed special accounts and prices for graduates of the program.
"This program has been recognized by our supporting banks as a second chance opportunity," Mrs. Hulse said. "(Banking) is such an important part of our program."
But Parr says Bank on Wayne is not about trying to help big businesses.
"People need to use banks, not only for a safety net, but they can build credit," Parr said. "People don't understand budgeting and what that means at the end of the month. Are you taking care of the important things or are you looking around trying to keep up?"
The program uses three of the modules from the FDIC Money Smart Financial Education Curriculum. The course is split into four, two-hour classes. Usually the classes are on Tuesday evenings from 6:30 to 8:30 p.m. However, Mrs. Hulse works with organizations and individuals to find times, places and dates that work better.
"There are all kinds of barriers, transportation, childcare, we've gotten creative," she laughed. "That's the point of it, to make it accessible and easy for everyone."
To register for the free program, call Mrs. Hulse at 919-735-1990.