Bank on Initiative to offer affordable financial help

News

SPRINGFIELD, Ill. (WCIA) — Banking service access will be expanding across the state. Governor JB Pritzker signed a bill Monday called Bank on Initiative.

Right now, 1 in 5 households in the state use nontraditional banking systems. The program will connect them with affordable financial help. The hope is this will reduce people’s reliance on predatory lenders that charge high fees for basic services.

The program will run through the Comptroller’s office.

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