NEW YORK, Feb. 12, 2014 /PRNewswire/ -- For over five years, Bronx based organizations Spring Bank and Ariva, Inc. have partnered to provide free tax services for low-income New Yorkers, helping clients access their full refunds and save on expensive fees.
The two organizations have complementary missions: Spring Bank serves underbanked people and small businesses, while Ariva is a non-profit with an emphasis on financial literacy and asset building. As part of their partnership, Spring Bank is making bank accounts available to local taxpayers who receive assistance from Ariva, allowing them to direct-deposit their refunds and avoid check-cashing fees.
"The National Consumer Law Center notes recent data from H&R Block, stating their average cost per return is $189," said Diana R. Breen, MPA and Executive Director of Ariva. "To a family in poverty, $189 can mean the difference between putting food on the table or going hungry for a month."
Spring Bank's accounts range from high-yield CDs to no fee, no minimum balance savings and checking accounts.
"These accounts can be opened at the time a client files their return, and minimize costs that would otherwise be spent on check cashing," said Brian A. Blake, Spring Bank's Vice President. "Customers also get their returns more quickly with direct deposit, and are set up to save by entering a fully-banked relationship."
As a leader in personal finance, GOBankingRates commends the two organizations' combined work to provide free tax help as an alternative to costly, fee-based services.
Casey Bond of GOBankingRates stated, "The Spring Bank-Ariva partnership will go a long way in helping low-income and underbanked families find financial stability."
For more information on Spring Bank and to learn how to become a customer, visit www.springbankny.com.
About Spring Bank
Founded in 2007 and headquartered in the Bronx, Spring Bank is an FDIC-insured, independently-owned community bank. Spring Bank's primary mission is to serve the underbanked through a wide range of innovative products, services and education, as well as stimulate and support small business growth through deposit and loan products. Spring Bank partners with organizations such as Ariva, which provides financial education and asset-building services.
GOBankingRates (www.gobankingrates.com) is a personal finance website that connects consumers with the best interest rates nationwide.
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