Overview – Why Banking Beyond Bars^TM

Banking Beyond Bars^TM is a partnership between the non-profit Up From Slavery Initiative (UFSI.org) and Connection Credit Union (connectioncu.org). Banking Beyond Bars^TM is a comprehensive financial ‘fresh start’ program that helps individuals recently released from incarceration establish a positive mainstream financial relationship and learn how to effectively manage money.

The program provides a fair and local home base financial relationship with deposit accounts, loans, credit cards and a financial coach early in the reentry period. This unique and truly local, community-focused partnership between credit unions, accredited financial counselors and program participants can help reduce recidivism for those recently released. We partner with community referral and other human services organizations to help meet the personal and well-being needs of the participant. 

This is a 14-month partnership that provides local deposit and loan products, positive guidance, financial coaching and a community referral network to help participants succeed.  The local financial relationship includes a checking and savings account with debit cards, provides for direct deposit and includes a mobile banking app. As participants gain financial stability and a clear understanding of how to manage their assets additional products, including non-predatory credit cards, auto loans and rental housing assistance may be offered. Each product in the program represents a critical credit and relationship building opportunity. 

The financial coaches, known as “Money Mentors” are certified and accredited financial counselors who guide, coach and encourage participants with strategic and forward-thinking financial literacy.

Program Phases:

The program involves a phased approach. Strategically creating phases that build on lessons learned helps participants understand the complexity by mastering the various phases. Here’s a list of the six phases of the program. 

1. Clarity and Commitments (Group Phase)
2. Fresh Money Start – Savings/Checking/Debit (month 1)
3. Starter Credit Card (month 2)
4. Starter Auto Loan (month 3-6)
5. Better Housing – 0% security deposit + first/last loan (month 6+)
6. Building for your future (month 12+)

The “Group Phase” focuses on key program elements and real financial education. It includes preparation to help participants succeed in the program, and addresses issues that make the transition back to the community more effective. The basics of cooperative and community finance are explained in detail. This phase consists of three weekly meetings of 90 minutes each.  This phase can be completed either shortly before or after release. A final meeting is held at the credit union after hours. This meeting helps ensure understanding and provides an opportunity to break down any misconceptions regarding mainstream financial institutions.

Once a participant completes the group phase a Money Mentor is assigned. We match the Money Mentor to the participant looking for the best fit for each. The Money Mentor and participant develop a structured contact schedule that includes regular meetings. 

Auto Down Payment Assistance:

As part of a Community Reinvestment Project award from the Washington State Department of Commerce submitted by the Asset Building Coalition of Kitsap and Kitsap Community Resources, this program is enhanced to provide up to $2,000 of down payment assistance towards the purchase of an automobile.

If you are interested in learning more about the down payment assistance program, the first step is to complete an interest form at: https://kitsapabc.org/bbb-interest-form

This program is funded, in part, by the Community Reinvestment Project which focuses on repairing wealth disparities in communities disproportionately harmed by the war on drugs. Native American, African American, and Hispanic individuals are strongly encouraged to apply.

Workgroup Recognition:

Thanks for the contributions of these coalition members for helping to implement this program: