Have you ever considered what your life would be like if you didn’t have a bank account?
For many Canadians, that’s a hypothetical question. But for over one million Canadians, it’s a reality.
According to Acorn Canada, 3% of all Canadians – close to one million – are unbanked, meaning they have no relationship at all with a mainstream financial institution such as a bank. In addition, 15% – or close to five million Canadians –are underbanked. Underbanked Canadians may have a bank account, but their engagement with the mainstream financial sector remains limited.*
“It’s something a lot of us take for granted but for many Canadians, daily banking and access to credit are things that just aren’t available to them,” says Tim Latimer, CEO of Cashco Financial.
Latimer adds those groups are called the unbanked and underbanked and that they just aren’t a concern for the Big 5 Canadian banks.
Cashco Financial knows the struggle of their clients all too well and launched a series of bank accounts empowered by ATB Financial in Alberta to give people meaningful banking – without the fees that normally go along with it.
The new banking services have revolutionized the company and the realities of many of their clients. That’s the focus of their new ambassador videos, which also highlight that difference that Cashco has made in their lives.
Not everyone’s reality fits into the rules and expectations of conventional banking. One of Cashco’s newest ambassadors, Ashly, said it best: “Cashco treats me like family.”
It’s not a compliment that they take lightly.
“We have created a category of one and we’ve stood up and said what is currently available for banking in Canada isn’t good enough. We need to do better,” says Latimer. “We’re challenging the norms of traditional banking because our clients aren’t traditional. They demand more from the industry, and us.”
He adds that that’s not something you hear from bank customers.
“We want all Canadians to understand how important it is to have access to banking,” he says.
That’s the future that Latimer and the rest of his team is striving for: providing relief for today and hope for tomorrow through thoughtful, meaningful, affordable banking for all Canadians.
For more information, please visit Cashcofinancial.com or or contact your Personal Banking Concierge at 1-855-336-2100.
August 4, 2017
Edmonton, Alberta – Launched in March of this, year, 5,000 Albertans have signed up for the new accounts that offer basic banking services with no fees and even a little extra – 25 cents per debit transaction and matched savings.
May 1, 2017
Albertans who are typically under-served by traditional banks are applying for new Cashco accounts in large numbers.
“We’ve had phenomenal success with bringing banking services to under-served and forgotten people and communities in Alberta,” says Cashco Financial CEO Tim Latimer.