|
FINANCIAL SERVICES
With money management, banking and a loan program, the Village's
Financial Services help members gain the financial skills essential for
independence.
Description
Ÿ Money management services, provided
with the support of a coach, teach members how to prepare a budget; pay
their rent, utilities and other bills; open a savings or checking account
at a community bank; and balance a checkbook. Participation may be
voluntary, medically-recommended or court-ordered. Members are hired as
money management coaches.
Ÿ At the Village Bank, members open
personal savings accounts, make deposits and withdrawals, cash their
Village paychecks and make loan payments. Members work as tellers and data
entry operators.
Ÿ When necessary, the Village serves as
the representative payee for members who are not yet able to handle their
own funds.
Ÿ The loan program, open to all members,
provides emergency loans as needed and personal loans through the approval
of a loan committee made up of members and staff. Eligibility is not
dependent on a member's past credit history. All loans are interest-free
and do not exceed $500. Members set up a repayment schedule with the bank
manager.
Impact
Ÿ Financial Services empower members to
be responsible for managing their money and for making their own decisions
about saving and spending.
Ÿ With services similar to community
financial institutions, the Village Bank serves as a stepping stone to
using community banks.
Ÿ Members who have no credit histories
are able to obtain loans.
Ÿ Members employed at the bank are
responsible for all transactions, bank reconciliation or data entry,
giving them skills and experience they can use in community jobs.
|
