Programs that provide information and/or support which helps people select a bank, open accounts, write cheques, balance their chequebook, use an ATM, make direct deposit arrangements, bank online (e.g., pay bills, review account balances, order cheques via the Internet), pay bills by telephone, change currency, conduct wire transfers or understand and manage other activities related to banking. Included are programs that help people who are homeless, people with little income and few resources and others with special problems to establish bank accounts and access other banking services.
Programs that provide services which relate to the limited lines of credit made available to consumers when they obtain a credit card or a loan from their bank or another financial institution. Credit cards allow consumers to purchase goods and services under an agreement where they repay all or a portion of the outstanding balance on a regular basis at an established interest rate.
Programs that provide assistance for individuals who are having difficulty meeting their financial obligations and, as a result, may be faced with bankruptcy or loss of their home or property.
Programs that provide access to tools which help people make an assessment of their personal financial situation by recording their income and assets, essential living expenses, discretionary expenses, current debts and other figures to calculate their personal net worth; determine their cash flow situation; develop financial goals; and establish a personal financial plan including a household budget that will enable them to manage their money effectively. Personal financial assessments can also be used in the context of financial counselling to evaluate an individual's ability to pay creditors in situations where the person is in financial difficulty or as a step in determining whether bankruptcy is a viable option.
Programs that provide educational workshops, printed materials, Internet website information or other types of resources for individuals, families, business owners and others that deal with the essentials of money management, asset building and financial independence. A wide variety of money management issues may be addressed including banking services, consumer credit lending, debt consolidation/repayment, bankruptcy, small business development, retirement planning, investment management, savings, risk management, tax and estate law and other similar topics.
Programs that help people develop a plan for managing their money and that assume responsibility for investing the funds and/or making the payments on the individual's behalf in accordance with the plan.
Programs that help people who are having difficulty paying their monthly bills gain control of their finances. The process generally involves analysis of the individual's income, expenses, debts, taxes and other factors to create a personal financial assessment; development of a budget for basic living expenses; and agreement on a short-term plan for repayment of creditors which may include debt consolidation or other strategies and a longer term plan for realizing personal financial goals.
The above terms and definitions are part of the Taxonomy of Human Services, used here by permission of INFO LINE of Los Angeles.