TLDR:
PNC Bank has launched a new bank branch on wheels in Phoenix to provide financial services to underserved populations. The 30-foot banking truck stops at affordable housing complexes and nonprofits that serve low-income communities, staffed by PNC bankers. Visitors to the truck can open checking accounts, apply for loans or mortgages, and use an ATM. This initiative aims to promote financial literacy and reduce reliance on non-bank financial services.
PNC Bank has launched a new initiative in Phoenix to promote financial literacy among underserved populations. The bank has introduced a 30-foot bank branch on wheels, which makes regular stops at affordable housing complexes and nonprofits that serve low-income communities. The branch is staffed by PNC bankers from traditional brick-and-mortar branches, who engage with people and provide financial advice and services. The branch offers everything that can be done in a regular bank branch, including setting up checking accounts and applying for loans or mortgages.
A key aim of this initiative is to address the high number of households in Phoenix that do not have bank accounts or rely on non-bank financial services. Research from the nonprofit Prosperity Now reveals that 5% of Phoenix households do not have a bank account, while another 17% are considered “underbanked,” meaning they have a bank account but frequently use non-bank money orders, check-cashing services, or payday lenders. PNC Bank believes that these financial habits can be risky and expensive for individuals.
The PNC bank branch on wheels provides an opportunity for underserved communities to access financial services and improve their financial literacy. Alongside providing traditional banking services, such as opening accounts and applying for loans, the branch also educates individuals about budgeting and financial goal setting. Additionally, visitors to the truck can use an ATM that allows withdrawals in small denominations.
Phoenix is the seventh city in which PNC Bank is offering mobile banking services. The initiative highlights the bank’s commitment to promoting financial inclusion and reducing barriers to accessing banking services. By providing these services directly within low-income communities, PNC Bank aims to address the challenges faced by underserved populations and improve their financial well-being.
