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Saving is an option for individuals with disabilities

Written by Guest Blogger · 21 August 2019

AUTHOR: By Michael R. Roush, Director, Real Economic Impact Network, National Disability Institute

Oftentimes, individuals with disabilities may not be familiar with savings options that are available to them or they may be afraid to save money due to the fear of jeopardizing public benefits. There are a wide variety of saving strategies that individuals with disabilities can potentially access to achieve their savings goal and build their financial well-being.

38 Reasons You Need At Least a $500 Emergency Fund

Written by Kia Young · 05 August 2019

The age-old saying,” When it rains it pours” is especially true when an unexpected emergency pops up- as if you had nothing better to do than fork out $500 on new tires, or visiting the doctor. Recently the Federal Reserve noted that almost half of Americans do not have $400 available in an emergency fund.

A New Way for Financial Coaches to Help the Unbanked

Bank Bank Accounts
Written by Lindsay Ferguson · 31 July 2019

Consumers want to build a strong financial history. From buying their first car to planning for retirement, consumers face many obstacles with ensuring they stay on the right path to positive financial health. Understanding what is in their credit report is an important first step. However, a traditional credit report only gives part of the consumer’s history.

For most banks, when a consumer applies for a bank account, the bank will not pull a traditional credit report but instead a report like ChexSystems to analyze past “banking” transaction information.

Estimates of the number of unbanked consumers who used to be banked is around 50%. Many of these individuals are no longer banked because their previous bank closed their account due to overdrafts (bounced checks). In these cases, there will be an outstanding amount due to the bank, which appears on the ChexSystems report. Most banks will turn down a potential new customer, if such a negative appears.

Non-profit financial coaches express frustration when this happens, since their client becomes discouraged and is often embarrassed by being turned down. Wouldn’t it be better if the financial coach could access this report before the consumer visits the bank, in order to identify negatives, such as past due amounts. Then they could work out an action plan with their client in order to address the negative and increase their odds of being approved by the bank.

Last September, Credit Builders Alliance (CBA) added ChexSystems' ChexAdvisor Educational Report to our Access service, and so far it has been a great success with many of our non-profit members. It has helped them expand their product offerings to serve a wider variety of client needs, such as access to banking services.

An example of this success is found with Ms. Tee:

After attending a Working Credit workshop, Ms. Tee told her counselor she had a high fee, pre-paid debit card but really wanted to open a checking account. She had tried a while ago, but was denied due to a debt owed to a financial institution, and was afraid to reapply. Her Working Credit counselor pulled her ChexAdvisor report through ChexSystems and discovered that she actually had no red flags on her ChexAdvisor report. Her counselor explained her report to her and recommended some low-cost checking accounts near her home and work.

This is just one example of how ChexAdvisor can help you serve your clients more comprehensively. For more information, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

Written by: Credit Builders Alliance

America Saves and AFCPE® Connect to an AFC Pilot

America Saves Week AFCPE AFC America Saves Pledge
Written by America Saves · 26 June 2019

During America Saves Week 2019, America Saves and the Association for Financial Counseling & Planning Education® (AFCPE)® collaborated and launched the Connect to an AFC® pilot. The pilot connected over 50 individuals to Accredited Financial Counselor® (AFC®) professionals across the country.

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Tip of the Day

  • Written by Katie Bryan | December 19, 2013

    Keep #holiday #debt in check by setting a #savings plan & sticking to it! http://ow.ly/COU1y

Saver Tips and Stories View all »

Saving for a Bright Future

Written by Guest Blogger | April 15, 2019

Kristin Hendricks, a single mother from Texas, understands the importance of saving money and following a tight budget. She decided to make saving money a priority when she gave birth to her son.

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Budget like Nohemi

Written by Guest Blogger | April 19, 2019

Nohemi found out about America Saves a few years ago as an undergraduate at the University of Illinois at Chicago. She remembers attending a University of Illinois Saves event where she decorated a piggy bank and took the Pledge, but college life made her put the thought of saving at the back of her mind. Those thrifty thoughts resurfaced when she graduated with a degree in public health.

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Coping with a Lost Job

Written by Katie Bryan | October 28, 2013

Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer downsized the company, resulting in hundreds of lost jobs, including Aimee’s.

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