Seattle-King County Asset Building Collaborative
As more and more people recognize the high cost of being poor, they are also realizing that poor people are paying more for goods and services that are available at a lower cost to middle-income individuals. Cashing checks, wiring funds, borrowing money and tax preparation are simply essential services most working people need. But many low-income, working families spend up to thousands of their hard-earned dollars on these services — thousands more than higher-income people have to spend. This is because lower-income people are relying on fringe financial service companies like payday loans and check cashing stores. Building financial assets is the most effective way to move people out of poverty and on a pathway to financial stability.
While Seattle-King County had many asset building services that sought to remedy the disparities of access and cost, the programs and agencies largely operated in isolation of each other. There was no comprehensive, coordinated strategy to ensure that low-income and working families received the full range of financial empowerment services that could help them achieve their financial goals.
How Washington Appleseed is Helping
Washington Appleseed took a leadership role (in conjunction with the City of Seattle) in the initial coordination of activities of the Seattle-King County Asset Building Collaborative (SKC ABC). The SKC ABC is a large consortium of about 50 public, private and nonprofit agencies working to ensure access to a continuum of comprehensive, effective services, to help low-income/working residents reach economic stability and security.
With Washington Appleseed as its fiscal sponsor, this collaborative is developing projects to work together to connect King County's low-income population with the services they need, when they need them, to achieve their financial goals. These services include increasing participation in public benefits, access to financial mainstream products and services, homeownership opportunities and foreclosure intervention, access to IDAs, financial literacy, credit and debt management, education and training, and other services designed to move individuals along the road to economic self-sufficiency. By staffing the SKC ABC, Washington Appleseed ensures that the enthusiasm and expertise of the diverse SKC ABC agencies is harnessed in order to implement its many asset building strategies.
Latest News
SKC ABC has many successful initiatives, the most well-known of which is Bank on Seattle-King County. This initiative connects residents of Seattle and King County who are "unbanked" or "underbanked" to mainstream financial services. After almost two years of a pilot initiative, we have already opened 24,000 checking and savings accounts for previously unbanked residents.
Banking Program: Everyone is welcome
KOMO 4 TV
September 23, 2009
Program Signs Up 3,500 Unbanked
Puget Sound Business Journal
September 18, 2009
Pro Bono and Community Partners
Washington State Department of Commerce
Seattle-King County Asset Building Collaborative