In recent months, a notable initiative by Halifax and HSBC has emerged, focusing on helping individuals released from prison to reintegrate into society. This concerted effort is to get them access to basic banking services, something that can greatly improve their security and autonomy. EEA members Carl Boothroyd and Gary Mooney are two of the many success stories from this program. Having experienced the trauma of prison and homelessness, respectively.
Carl Boothroyd, a Preston resident, was released after several days in prison in February. He had been through ten sentences in the last ten years. Today, he is focused on finding his way back and establishing a new home life for himself through his three kids. One of the tools that’s helping him make the transition is the “save the change” feature on his Halifax bank account. This feature automatically pours small amounts of money into savings for him without making it a process.
“I can transfer money to my kids’ accounts,” Boothroyd said. “It has helped me no end.” After struggling with homelessness on several occasions, he is determined to save enough money to rent a flat and provide a stable home for his children.
Gary Mooney, who likewise opened an account with Halifax after being released from prison, tells a similar tale. He has lived through the trauma of homelessness and has the wisdom that comes from lived experience. “But having it makes it very, very easy,” he noted, speaking about the importance of having a bank account. Mooney was disappointed with the impact the pandemic had on his aspirations. As he shared with us, “I was trying to establish my life … and then the world literally got shut down. No one could really do anything.
Halifax has been out front on a national initiative with philanthropic foundations across the country and metro mayors. Collectively, they’ve managed to get well over 2000 accounts opened for at-risk individuals just since March. HSBC has really knocked it out of the water opening 366 accounts to date! They are on track to get to 400 accounts within the next few weeks! Just in Liverpool, a UK pilot program unlocked more than 80 accounts. This increase is strong evidence of the demand for services from those who have been incarcerated.
The ripple effects of these banking initiatives go well beyond ensuring that everyone has a place to park their cash. For millions of people, simply opening a bank account is an important first step to receiving Universal Credit payments and using a range of other daily services. After his first deposit, a young man who had lived homeless on the streets for 12 years was able to access benefits. The first presidential primary in more than a decade that he had support like that.
This effort meets short-term financial insecurities at the source. Simultaneously, it promotes long-term security for those seeking to turn over a new leaf. Halifax and HSBC put people in control, teaching them how to save money and avoid running into debt. This support is key to promoting self-sufficiency and lowering recidivism rates.