KeyBank Donates $100K to Returning Citizens Program
KeyBank has donated $100,000 to help formerly incarcerated individuals with banking and financial literacy in the greater Hartford area.
The bank announced an expanded partnership with the Connecticut Association for Human Services this week.
“As a community-minded bank, Key is committed to providing access to financial services and support to neighborhoods and neighbors who have often faced unfair financial barriers,” KeyBank Connecticut and Massachusetts market president James Barger said.
The KeyBank Foundation’s donation will fund a two-year pilot program with Community Partners in Action to give returning citizens at Hartford’s Reentry Welcome Center access to free tax preparation, financial education workshops, and the opportunity to open a “Bank On” account with a locally affiliated bank.
KeyBank, CAHS, and other banking institutions in Connecticut launched “Bank on CT” in 2017 in the greater New Haven area.
The program, which is expanding to greater Hartford thanks to the partnership with KeyBank, gives residents without bank accounts access to free or low-cost banking services and helps them overcome obstacles related to financial stability.
“Self-sufficiency and financial stability for at-risk populations is predicated on access to quality banking services and financial education, and we are proud to partner with CAHS to make these services available in our community,” Barger said.
CAHS director of asset building programs Takima Robinson said it is critical for people reentering society to have access to affordable bank accounts.
CAHS anticipates up to 150 returning citizens will be eligible for the services provided through the grant this year alone, with an additional 175 citizens eligible the following year.
“Research shows that financial capability services have a positive effect on reentry success by addressing racial financial inequity and reducing a tendency to recidivism.” Robinson said.
“We are grateful to KeyBank for sharing our vision to combat poverty and advance economic security to reentry citizens and all unbanked and underbanked populations throughout the greater Hartford area.”
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