MONSON — As part of its ongoing efforts to improve financial literacy and capability, Monson Savings Bank (MSB) has introduced Fresh Start Checking accounts. These accounts are designed for people who might not otherwise be able to open a bank account based on their prior banking history.
At the same time, MSB understands that life happens, and there are times when maintaining financial soundness may be difficult. Through the use of the Fresh Start Checking account, the “Back to Banking” program is designed to educate customers on money management, how to maintain accounts in good standing, and work toward paying off any unpaid account balances at other banks.
As part of the program, free education materials are provided to customers through the National Endowment for Financial Education. The education modules include “Money Management – Control your Cash Flow,” “Borrowing – Use, Don’t Abuse,” “Earning Power – More Than a Paycheck,” Investing – Money Working for You,” “Financial Services – Care for Your Cash,” and “Insurance – Protect What You Have.”
Another benefit of this program is a pay-as-you-bank option, which is designed to help customers pay down prior financial debts. With a companion savings account, funds can be set up to automatically transfer from checking to savings on a weekly, biweekly, or monthly basis.
According to President and CEO Steve Lowell, “at Monson Savings Bank, we have become increasingly concerned about financial literacy and the fact that many people lack the money-management knowledge and skills they need to ensure long-term stability for themselves. Our new “Back to Banking” program is another way in which we help individuals within our communities become more financially secure.”
Monson Savings Bank can assist with answering financial questions at any time during branch lobby hours or by calling (413) 267-4646.