FAQ'S

1.     What is Bank On Hampton Roads?

Bank On Hampton Roads is a free 5 month financial literacy program that began in the Hampton Roads area in 2012. Bank On combines classroom instruction with coaching  to help our participants become financially empowered and feel confident in making sound financial decisions. 

Bank On Hampton Roads is a collaboration between financial institutions, community-based organizations and local government to ensure that all residents have the opportunity to be financially healthy and empowered. Together, we are working to provide financial education classes and to connect people to safe, affordable, and certified banking accounts.

2.  What is the five month financial education program?

Bank On Hampton Roads  offers a free five month financial education  program that is open to the citizens in the Hampton Roads area.

3.  What if I don’t live in Hampton Roads- How can I participate in the financial education program?

You don’t have to be a resident in the Hampton Roads area.  We offer our five month financial education classes both in person and virtual.   

4.  What topics are covered in the program?

 

•       Personal Banking - Understanding financial institutions and their products and        services
•       Crisis Mode - Understanding what to do when you don't have enough money to pay your monthly expenses (Living paycheck to paycheck)
•        Money Management 1 & 2 - Understanding how to track your spending, create a budget, and set goals
•        Credit the Basics/Credit Next Steps - Understanding your credit score, how to improve it, and how it impacts your day-to-day life
•        Pay Yourself First - Understanding the importance of savings and the difference between emergency savings and long term savings·       
•       Keep It Safe - Understanding how to protect yourself from identity theft

 

5. Why do I need a bank account?

• It saves you money: Certified accounts have no hidden fees, cost $25 or less to open an account, and $5 or less in monthly maintenance fees.
• It’s safe:  Certified accounts with financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) and credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF). That means your money is protected from theft and natural disasters. 
• It’s convenient: You can receive your paycheck automatically by direct deposit and pay your bills online instead of paying for money orders, mailing checks, or paying cash at each location. You can access your account and keep track of your spending by calling, website, or an app. 
• It helps you save and build a financial foundation: Tracking your spending is easier with an account. It can be the first step to meet your future goals
• Builds your credit: Building a relationship with a financial institution can lead to opportunities such as buying a home or car, paying for college tuition and starting your own business.

6. Do I have to be a Hampton Roads resident to open an account?

No. The Bank On accounts are available at most participating bank and credit union branches and will be identified by the name of the account (e.g. Bank of America Advantage SafeBalance Banking). 

7. Can I open an account if I’ve had trouble with a bank account in the past?

In many cases, yes, there are a few exceptions. Every financial institution has different requirements and policies. Please check with them or reach out to  for more information.

8. What kind of identification do I need to open an account?

These are specific to the financial institution’s policies. 

9. I went to a participating bank branch and had trouble with opening an account.

If you come across issues with opening a certified account, please email:  info@bankonhr.org

10. How can I find financial education classes?

Please check our online calendar for classes, workshops and events. The resource tab has a plethora of additional information for your benefit.

11. How do I open an account?

• Choose a Bank On Atlanta Financial partner that best fits your needs.
• Call the financial institution you’ve selected and ask questions about their services. If they meet your needs, schedule an appointment to open an account. Be sure to ask them what documentation you need to open an account.
• Before signing for your new account, read all the terms and conditions. If there’s something you don’t understand, ask the representative questions.
• Open your account and start saving money!