FOR IMMEDIATE RELEASE:                                FOR MORE INFORMATION:

AUGUST 7, 2007                                                       DENNIS NOLAND (206) 622-8011

 

 

“Get Checking” Program – Guarantees a bank account

Partnership between banks and nonprofit

puts people back into financial mainstream

 

SEATTLE - A unique partnership between area financial institutions and a respected nonprofit is getting people back into the financial mainstream.  In the state of Washington there are over 500,000 individuals whose applications for checking accounts would most likely be denied.  A joint venture between nonprofit Consumer Counseling Northwest (CCNW) and area financial institutions will guarantee these individuals checking accounts.  This program is called “Get Checking.”

 

CCNW has taken the lead in the Get Checking program for the Pacific Northwest and has built partnerships with Spokane-based Sterling Savings Bank and Tacoma-based Harborstone Credit Union.  CCNW is actively seeking participation by more financial institutions.

 

CCNW provides the training and certification that guarantees checking and savings accounts to those who, for various reasons, are listed in “ChexSystems” – a national banking industry tool that tracks the misuse of checking accounts.  Being listed in ChexSystems often results in negative responses to requests for new checking accounts. Surprisingly, 30 percent of those listed are middle class, have advanced degrees and over $50,000 in income.

 

People with closed and mismanaged checking accounts can enroll in the Get Checking training and learn the fundamentals of checking account management.  Get Checking teaches participants how to avoid past mistakes and how to make restitution of outstanding balances.  The program provides a pathway to financial independence and an understanding of the benefits of financial responsibility.  The six hour program has a participant fee of $40.00 for individuals and $60.00 for couples.

 

Once trained, an individual takes his Get Checking certification document to a participating financial institution and is issued a new checking or savings account.  At the one-year mark, financial institutions are finding Get Checking graduates perform with a higher level of financial responsibility then randomly opened account holders.  The industry has found the lack of basic financial training to be the biggest contributor to improperly maintained bank accounts.

 

By reestablishing relationships with banks and credit unions, individuals avoid high-priced check cashing outlets, have access to market rate loans for cars and homes, and obtain bank issued credit and debit cards.  Employers experience lower costs by being able to make direct deposits of paychecks to employee checking accounts. www.getcheckingnorthwest.com 

 

About Consumer Counseling Northwest

Since 1970, CCNW has been a trusted referral partner for financial and credit institutions as well as other area nonprofits.  CCNW provides confidential, professional financial counseling and consumer education.  For more information, visit www.ccnw.org or call CCNW at 800-244-1183. 

 

About Get Checking

Get Checking™ is a national financial education program designed to help consumers establish a primary banking relationship and gain access to mainstream financial services.  Get Checking is sponsored by eFunds Corporation and the University of Wisconsin.  www.getchecking.org

 

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For Release:                                    For more information and interviews, contact:

November 16, 2006                                    Dennis Noland (206) 622-8011

 

           

                                                                                   

 CCNW OFFERS SHOPPING TIPS

TO KEEP YOU FREE OF DEBT STRESS THIS HOLIDAY SEASON

 

SEATTLE – With Thanksgiving celebrations happening and the retail stores rapidly changing their floor displays to holiday decorations, Consumer Counseling Northwest (CCNW) has assembled for consumers some money management advice to keep the holiday season happy and free of debt stress.

 

With this in mind, CCNW offers the following information and advice on how to avoid overspending and maintain good financial health during the upcoming holiday season:

 

CCNW Tips for holiday shopping:

 

·            Develop a spending budget:  Write down household and personal expenses for November

and December.  For each month, subtract the total amount of expenses from your monthly take-home pay.  The amount left over each month becomes a starting point to gauge how much you can afford to spend.  Make a list of purchases from gifts to decorations.

 

·            Make a list: Follow Santa's example. Make a list of all the people you need or want to buy gifts for, including small gifts for babysitters, teachers, newspaper deliverers, etc.  These small gifts can add up and are often the cause of going over your gift budget.  Include money you'll spend on Christmas cards, postage, holiday parties, decorations, holiday entertainment, etc.

 

·            Consider creative gift-giving:  When it comes to gifts, some people still believe, it’s the thought that counts.  Consider gifts that have a personal touch, such as hand-made and homemade gifts like tapestries, quilts, pastries or other prepared foods.  Don’t forget about fruit baskets, which are both economical and healthy.

 

·          Look for shopping deals:  Check out retail sales, special discounts and coupons in circulars or newspapers and deals online.  Consider purchasing holiday decorations in-bulk and splitting the costs with friends and family members.  These deals can add up to substantial savings. 

 

·          Avoid last-minute shopping:  Shopping under stress can lead to more spending.  Plan your shopping trips in advance and shop as early as possible before the December holidays.  Avoid shopping for convenience, which may not be most economical.

 

·             Pay with cash when possible and spend wisely.  Stick to your spending limit!  Pay with cash when possible and leave your checkbook and credit cards at home to avoid temptations for unplanned and unnecessary purchases.  If using credit is a must, limit purchases to one card.  Use the credit card with the lowest interest rate and don’t use more credit than you can afford to pay off in 90 days or less.  Remember, credit card debt amounts to a short-term loan.  The longer the length of the loan, the more you will pay.

 

·                Avoid the post-holiday debt hangover and don’t overspend:  Tally the receipts from all holiday expenses, including gifts, postage, meals, entertainment and decorations.  Once you’ve completed your shopping list, stop shopping!  More mall time can amount to more spending.  Those who have kept to their budgets will start the year with less debt and less stress.  Adopt and practice a new resolution to keep your household budget balanced for the next 12 months. 

 

“Even with the best of intentions you may end the holiday shopping season with more debt than you planned.  Remember, you don’t have to solve your financial problems alone,” said Reba Collins, a CCNW credit counselor.

 

CCNW has trained and certified credit counselors who offer financial management and debt reduction services that are low-cost – and free.  CCNW is a nonprofit, community-based organization and a Member of the National Foundation for Credit Counseling® (NFCC).  For more information on CCNW, call Reba Collins at (800) 244-1183, extension 107 or visit www.ccnw.org.

 

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FOR IMMEDIATE RELEASE:                                FOR MORE INFORMATION:

SEPTEMBER 27, 2006                                              DENNIS NOLAND (206) 622-8011

 

Preying on debtors?  Not CCNW

 

When debts pile up and creditors are knocking on the door, finding the right source for debt counseling can be overwhelming.  Unlike many in the debt counseling industry who prey on debtors, Consumer Counseling Northwest (CCNW) is a true non-profit organization specializing in consumer debt management and counseling.  CCNW works with clients to create a debt resolution action plan.  With creditors, CCNW works to reduce or remove late fees and spiraling interest rates.  Debt counseling is FREE to anyone who needs it.  Education often enables the consumer to manage their own debt.  Sometimes it is determined through counseling that a client should enroll in a Debt Management Program (DMP).  CCNW finds that Debt Management Programs are appropriate for only 20 percent of their clients.  CCNW will set one up for a small initiation fee of $25 and monthly maintenance fees as low as $15.  

 

Consumers need to be aware of the many debt counseling agencies who claim to be “non-profits” but have strong ties to for-profit financial institutions.  With these types of agencies, debt counseling is often poor or not provided at all.  Clients are frequently pushed unnecessarily into Debt Management Programs. Many of the so-called “nonprofit” agencies charge large initiation fees for Debt Management Programs.  These fees are often as high as the first monthly debt payment (ranging from $400 to thousands of dollars).  Monthly charges for DMP management fees are typically high too.

 

To be sure about the validity of the services provided by a non-profit credit counseling agency, CCNW suggests checking the accreditation of the organization.  The Council on Accreditation and Family Services (COA) is an independent organization that certifies the true mission and non-profit status of consumer counseling services.  Accreditation by COA ensures the organization is legal, ethical, and compliant in providing consumer education and counseling services.  Membership in the National Foundation for Credit Counseling (NFCC) is also an indicator of a commitment to ethical standards.  The Better Business Bureau is an additional resource for checking a consumer counseling agency’s history.

 

About Consumer Counseling Northwest

Consumer Counseling Northwest is a local, true nonprofit specializing in debt management and counseling services throughout the Western Washington.  CCNW works with clients to create action plans, and, with creditors to reduce or remove late fees and to negotiate reductions in spiraling interest rates.  Most of their counseling and consumer education services are free.  Through CCNW’s consumer education services, people learn to handle personal debt on their own.  CCNW is a HUD approved Housing Counseling Agency and therefore provides guidance for home purchases and mortgages. 

 

Consumer Counseling Northwest has three counseling locations in the Puget Sound Region.  It is one of a handful of credit counseling organizations in the state of Washington accredited by the Council on Accreditation and Family Services (COA).  COA is an independent organization that certifies the true non-profit status and principled practices of consumer counseling services.  It ensures legal and ethical compliance when providing consumer counseling and educational services.  CCNW is an affiliate of the National Federation for Credit Counseling (NFCC).  Charles A. Helms is the President and CEO of Consumer Counseling Northwest.  Counseling locations are 4040 Lake Washington Blvd. NE, Suite 320, Kirkland, WA 98007; 3560 Bridgeport Way West, Suite 1-D, University Place, WA, 98466; 2102A Carriage Drive SW, Suite 102, Olympia, WA, 98502.  www.ccnw.org

 

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