February 9 2010 Bank On Minutes

Bank On Yakima County
Meeting Minutes 2/9/2010

Present: Cecile Anson (Catholic Credit Union), Sharynn Hosier (Catholic Credit Union), Lance Stephens (United Way of Central Washington), Sue Ford (US Bank), Dave Gilbreath (Yakima County Asset Building Coalition), Steve Loeb (Yakima County Asset Building Coalition), Thomas Gomez (HAPO), Paul Regimbal (Catholic Credit Union), Michele Besso (NW Justice Project), Luz Gutierrez (RCDR Business Resource & Training Center), Jesse Esquivel (Yakima Valley Credit Union)

The meeting was called to order at 7:35 am. Minutes from the January 12, 2010 meeting were approved without changes.

Operations/Training Committee
Sharynn provided an update from a recent planning meeting. A manual is being put together that will cover tracking procedures for banks. Bank tracking forms will be included. Tracking difficulties and the challenge of lack of bank employee knowledge were discussed. Putting tracking documents on the website was discussed.

Tracking Committee
Michele presented five proposed tracking measures as follows:
• Number of accounts opened for previously unbanked customers
• Number of customers on Chex System at time of opening account
• Number of accounts with one or more incidents of NSF/OD
• Number of accounts closed
• Number of accounts still open at end of quarter
Discussion included how the data would be collected and who would analyze it. The DFI provides analysis for the Seattle bank on program, but they currently don’t have staffing to provide analysis for our data. A web-based system was discussed and will be further explored. Confidentiality issues and information sharing were discussed. The program’s emphasis on people who are unbanked (rather than switching banks) and the challenges of identifying these people was discussed. The importance of a simple “commitment memo” signed by participating financial partners was discussed. Michele provided a sample for discussion/approval a next month’s meeting.

Marketing Committee
The current promotional tri-fold, statement stuffers and other promotional materials were discussed and input was asked for any changes on it. Dave reported we have requested proposals from several marketing firms to develop a marketing plan to help us effectively promote and launch the bank on program. Proposals are pending. The matrix and it’s appropriateness as a handout to other social service agencies was discussed. Everyone agreed the matrix is an internal document and it won’t be released to the public in its current form. Referrals to 2-1-1 to the Bank-On Program and potential 2-1-1 referral processes were discussed. The YCABC web site is currently silent on the Bank on Yakima County program, but will be updated once promotional and other materials are finalized. This will likely include a drop down menu for our Bank on Yakima County program. The roll out timeline was discussed. The Feb 11, 2010 YCABC monthly meeting will be devoted to discussing the bank on program with social service organizations. After a brief discussion, everyone agreed we should move the launch date to April 2010; this will include public advertising and processes in place to allow consumers to open accounts.

Financial Literacy Committee
Differing financial literacy programs and the need for financial training materials were discussed. Following a brief discussion of financial literacy needs, it was agreed we should have education options available for consumers seeking a second chance with banking. Class content should include about 75% on the basics of managing a checking account and about 25% on wise use of credit. Making financial literacy courses a precondition of client enrollment was discussed. The discussion included the merits of web-based education being an option to traditional in-person programs. Recommendations on specific educations offerings will be provided at next month’s meeting.

New Business
Luz stated the Seattle based Mexican Consul has planned a trip to Yakima on March 18th. She stated she would let committee members know if she can arrange a short meeting to update the Consul on the Bank on Yakima program.

The meeting adjourned at 8:30AM.

Next meeting was set for Tues. March 16th at 7:30AM at Catholic Credit Union.