Press Releases and Media Advisories

AAA Fair Credit Foundation Expands Get Checking Program in Utah

Salt Lake City, UT – December 3, 2004 – AAA Fair Credit Foundation (FCF), a national non-profit credit counseling organization based in Salt Lake City, is expanding its free educational classes for people who currently do not have a bank account or who have difficulty managing an existing account.

An estimated 10 percent of Americans, or 40 million consumers are "unbanked," according to the Federal Reserve Bank. Educating these consumers on the importance of deposit accounts, basic banking skills and financial management principles who have never had a deposit account or have had trouble opening an account because of a negative bank account history will help them avoid involvement with fringe banking services such as payday loan operations and check cashing stores, saving them from associated substantial interest rate costs and improving their overall quality of life.

Get Checking is an educational program designed to help consumers without a primary banking relationship gain access to basic financial services -- namely deposit accounts. This includes individuals that may have had problems managing their accounts in the past or consumers who have simply never opened a deposit account.

"The Get Checking Program is a natural extension of our charter, which is to help individuals and families improve financial health and reduce stress through financial education, debt management assistance and credit counseling," said Preston Cochrane, who is currently the Executive director of AAA Fair Credit Foundation. The program – which is coordinated by the University of Wisconsin, supported by eFunds Corporation and taught by FCF educators – helps consumers build a solid relationship with financial institutions.

Get Checking is a six-hour educational session, where consumers learn about banking basics such as how to choose an appropriate deposit account, how to manage an account through a strict curriculum which includes role playing and hands-on activities. Classes and curriculum are available in English and Spanish. Once a consumer successfully completes six hours of instruction, passes an exam and pays restitution to all financial institutions they owe, they can show a certificate of completion and open a deposit account with the Get Checking's 80+ participating financial institutions.

96 percent of students who successfully complete Get Checking open an account at a participating financial institution within the first six months after the graduate. The remaining four percent typically open accounts after previous debts are paid. The Get Checking™ program offers many benefits, including:

• Helping financial institutions to reduce fraud and account abuse when opening new accounts, because consumers who have participated in the program have a solid foundation of knowledge, as well as practical skills in managing and maintaining deposit accounts.

• Enhancing consumers' existing relationships within their communities.

• Creating new partnerships with outreach organizations.

• Increasing marketing and community reinvestment initiatives, including receiving service-testing credit for the Community Reinvestment Act.

Most efforts to incent consumers that do not have a primary banking relationship fail to address two key reasons many people choose to be unbanked -- their lack of knowledge of personal financial management and a general distrust in the practices of financial services companies. Education can help people avoid the pitfalls of poor account management and keep them in good standing with their financial services company. Through education, the unbanked may begin to accept and trust banks and credit unions as valuable financial management resources.
The success of Get Checking relies on participating financial institutions promoting the program to potential customers or members whose account has been closed. An institution can help by:

• Referring potential members to the program by providing customers with a brochure to register.

• Assisting in class -- Financial institution staff members are not responsible for teaching but may answer questions, assist students with class exercises and assist instructor by grading tests and distributing certificates. We display brochures from all participating institutions, including savings, checking and disclosures. Financial institutions need to supply educators with brochures for display.

• Opening accounts for graduates -- Each institution may decide the type of savings or checking accounts available to Get Checking graduates


"Unlike other lead organizations that offer Get Checking throughout the country, AAA Fair Credit Foundation does not charge consumers for the classes. As a non-profit, our federal status is based on providing true non-biased financial education for consumers, as such, charging for this service would not be appropriate," said Cochrane.

Get Checking is now available in 21 states. Year to date shows that over 20 percent of program graduates have not previously had a deposit account. Since the inception of the program, Get Checking has helped a significant number of individuals enter the mainstream of financial services. Of those individuals who completed the course, 99 percent have successfully maintained their debit accounts and become valued banking customers. The Get Checking program allows consumers to develop the practical skills needed to manage banking services effectively, while offering nearly everyone the opportunity to open a bank account despite past banking mistakes.

Financial Institutions interested in participating in the Get Checking program should contact Preston Cochrane at 801-483-0999 ext. 356. An informational session will be held in early 2005 to introduce this educational program.

Press Contact:
Jennifer Rohn
Public Relations Manager
800-351-4195 ext. 301
jenniferr@faircredit.org