Business
Hanmi Bank and HoneyBee to Offer A New Tool for the Unbanked
New partnership will expand access to basic financial resources for unbanked and underbanked communities LOS ANGELES, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Hanmi
About this update from Hanmi Financial Corporation
[{"type":"text","content":"New partnership will expand access to basic financial resources for unbanked and underbanked communities\nLOS ANGELES, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (Nasdaq: HAFC) (“Hanmi”), the holding company for Hanmi Bank, today announced it is partnering with HoneyBee to offer a new Choice Checking account designed to meet the needs of unbanked and underbanked communities. HoneyBee customers, who do not have a checking account, will be provided an opportunity to open a Choice Checking account with Hanmi Bank. HoneyBee is a Certified B Corp® that partners with employers to provide financial wellness programs to their workforce. The Programs include access to fee & interest-free rainy-day funds, on-demand financial therapy in English or Spanish, and monthly financial education workshops for employees and their families. With this new partnership, HoneyBee can refer their customers directly to dedicated bankers at Hanmi Bank who will provide assistance with opening a Choice Checking Account. This partnership highlights Hanmi Bank and HoneyBee’s shared vision of expanding access to financial tools that the underserved communities need to become fiscally successful. “Hanmi Bank was established more than four decades ago to serve underbanked immigrant communities,” said Bonita Lee, president and CEO of Hanmi Bank. “Today, we serve all communities while continuing to create products and services that meet the evolving needs of today’s unbanked and underbanked communities. This new partnership is a natural extension of this long-standing commitment to provide the resources and guidance to help all our customers achieve their financial goals.” “Over 70% of Americans do not know where to turn for financial advice,” said Ennie Lim, Co-Founder and CEO of HoneyBee. “And about a quarter of Americans are either unbanked or underbanked relying on high-cost, predatory alternatives for financial services. Our partnership with Hanmi Bank provides another valuable tool that we can offer our customers in the communities we serve.” The unbanked are defined as persons without a checking, savings, or money market account. The underbanked are defined as persons who have a bank account but need alternative financial service products. According to The Federal Reserve, 16% of the American population is underbanked while 6% are unbanked...