Banking
Bank accounts are a critical asset-building tool. Not only do
they permit a more rapid return of tax refunds and credits,
they are also an important medium for initiating savings and
repairing credit. Bank representatives are available during
the tax season to assist clients in opening bank accounts and
provide financial literacy trainings. In 2005, BECU provided
free check cashing coupons to customers and trained greeters
to open bank accounts online for tax payers.
Several Financial Institutions provided financial sponsorship
to EITC sites.
- HomeStreet - Kent Alliance Center
- Sterling Savings - Federal Way Multi Service Center
- First Mutual - Bellevue Hopelink
The majority of our tax customers, 91%, have bank accounts -however only 41% used them to have their tax return directly deposited. Having a tax return directly deposited can result in a refund in 8-10 days instead of the 4-6 weeks it takes to receive a paper check.
EITC customers who reported not having a bank account stated the following reasons:
- 178 said they do not want a bank account
- 342 reported not having enough money
- 123 reported being unable to open one due to bad credit
- 19 were concerned the government or people they owe money to would take their money
- 12 I think the bank will charge me high fees
- 8 they will make mistakes and lose money
41% of customers had their tax return directly deposited into a bank account
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Kent Alliance Center
The Kent EITC site was sponsored by HomeStreet Bank and Multi-Service was the lead agency. They worked closely with Washington Women’s Employment & Education and the City of Kent to develop outreach plans and recruit volunteers.
In 2006 the EITC Campaign will work with community organizations throughout Kent to increase the number of customers being served at the site.
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166
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$264,585
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$1,594
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$104,462
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$1,514
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69
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42%
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$80,163
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$18,404
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"The most memorable client I had was a young blind, deaf Spanish man. With his china blue eyes he "stared" at the sign language interpreter, while placing one of his hands on top of one of hers. Somehow he could read her sign language, though she was using both hands and mouthing the words. He had worked two jobs, and I wondered how. With him was his fiancee, also severely vision impaired and deaf. She giggled a lot, as the interpreter "spoke" to the man, teasing him about his beautiful bride to be. She was pretty, and I marveled at how love finds a way, without words, without sight. His refund was $373, and when I asked what he planned to do with it, a big smile lit up his face, and he said it was for his "honeymoon." ~EITC VOLUNTEER
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