CONTACT: Melissa Beltrame, Chief Marketing Officer
Jenny Kincaid Julian, Kincaid PR (816) 550.4382
Lead Bank Empowers Children Aging out of Foster Care with New Young Adult Checking Account
KANSAS CITY, MO (March 2022) Pioneering a new way to provide beneficial services to the communities they serve, Kansas City's award-winning financial institution, Lead Bank, has partnered with the Local Investment Commission (LINC) to support a frequently overlooked demographic, young adults aging out of foster care. This partnership will better serve these young adults by providing a maintenance fee-free, overdraft-free checking account.
Nationally, more than 23,000 children will age out of U.S foster care each year when they reach age 18. Facing financial independence almost immediately once they exit care, the lack of financial support and stability are two fundamental barriers to becoming financially competent. According to the National Resource Center for Youth Development, the most common barriers are multiple home placements leading to inconsistent financial role models, foster parents are reluctant to share financial information with youth in their care resulting in little knowledge or understanding of how the financial system operates, limited opportunities to learn and put financial education tools to use, many states require co-signer for children under 18, and many youths don't have a safety net from a biological family member or other support systems to assist them financially.
"Lead Bank is proving its strong commitment to the Kansas City metropolitan community and the well-being of all its members again. We are deeply committed to this ongoing partnership between LINC and Lead Bank. Our work together will provide much-needed and very significant opportunities for many youths striving to succeed," said Brent Schondelmeyer, LINC deputy directory, community engagement.
Keeping the needs of these youth in mind, Lead Bank will not require a minimum opening deposit or a minimum daily balance, no ATM fees for ATMs that are part of the MoneyPass® Network, and no Zelle® fees on their new account. In addition, they will have unlimited transactions and check writing, free enrollment in Lead Bank's Personal Digital Banking, free mobile deposit, and the ability to register their Lead Bank debit card with Apple Pay, Samsung Pay, or Google Pay.
Simplifying the account opening process is another essential element of the new account. Lead Bank requires three pieces of information; a completed Missouri Department of Social Services consent form, Social Security number (card not necessary), and a current address. Suppose an address is not available for a client. In that case, LINC will serve as a shared physical address and ensure the mail is correctly delivered. Additionally, clients can visit their Crossroads or Lee's Summit location to open an account or email Lead Bank at email@example.com and receive their debit card the same day. Brooke Clouse, Chief Operations Officer, states, "We are delighted that we can serve this young adult population with an account that is relevant to them as we are not aware of any other banks offering a similar product. We believe exceptional banking products should be accessible to all people and look forward to offering this new bank account."
The Local Investment Commission (LINC) is a non-profit organization that works with state and local government, businesses, community and civic leaders to improve the lives of children and families in the Kansas City region. More information is available at www.kclink.org.
About Lead Bank
Lead Bank is a community-minded, independent commercial bank recognized for its innovative approach to community banking and unique banking solutions that allow real people, businesses, and communities to thrive—serving communities with treasury management and lending services, consumer client products, digital consumer banking, and innovative financial technology services. Headquartered in Kansas City, Missouri, yet serving clients digitally throughout the United States, Lead Bank is known for being a small business advocate, having outstanding client service, and creating financial pathways for those, who in the past, have been financially unhealthy. 2020 member of the Global Alliance for Banking on Values (GABV), an international network of banking leaders worldwide committed to advancing positive change in the banking sector. For more information, call (816) 220.8600 or visit http://www.lead.bank.