In these difficult economic times, Amalgamated Bank serves as an important resource to working families, union members and immigrants seeking to purchase a home, prevent foreclosure, repair credit, reduce debt, develop a savings plan or establish a banking relationship to avoid high fees charged by check cashers.
The Bank offers free MoneySense financial literacy workshops in its branches and at union halls and community centers located near our branches. MoneySense workshops are conducted throughout the year and focus on the psychology of money, savings, credit, debt reduction and home-ownership and fopreclosure prevention. We also assist individuals with damaged or little to no credit history to build or repair their credit files, and we offer ways for many people who have previously been denied a bank account a second chance to establish one.
The Bank also participates in a number of special account opening and Earned Income Tax Credit savings programs with agencies such as the State of California's "Bank on California Program," Capital Area Asset Builders in Washington, D.C., and the NYC Department of Consumer Affairs. These programs encourage people to avoid high cost check cashing establishments and open bank accounts that provide affordable and accessible savings and credit products.
The Bank also has a program with the NYC Housing Authority that encourages "un-banked" tenants to pay their monthly rent at an Amalgamated Bank Branch and avoid the high fees charged at check cashing establishments. This program also offers free financial education classes along with basic banking account opening incentives.
The Bank offers free MoneySense financial education workshops throughout the year. CLICK HERE For Our MoneySense Class Schedules.
In New York City, the Bank works with the Office of Financial Empowerment, housed within the New York City Department of Consumer Affairs, to offer special interest-bearing savings accounts ($aveNYC Club Accounts) for NYC residents who have received the Earned Income Tax Credit.
The Bank has developed similar programs that operate out of our D.C. office and West Coast Homeownership and Financial Empowerment Center, which works closely with unions, employers and various non-profits to provide free tax preparation assistance and Tax Savers Accounts.