The Federal Reserve Board on Thursday announced the availability of a new video, "Lessons from a Storm," that tells the stories of families who, in the aftermath of Hurricane Katrina, learned about the benefits of maintaining a bank account that allows for the direct deposit of payments and benefits.
The devastation that accompanied Hurricane Katrina in 2005 left many individuals and families without homes and without a way to receive payments sent to them by mail. Evacuees who had bank accounts, and who had payments automatically deposited into their accounts, could immediately access their funds at any branch of their bank. They also had a place for government emergency payments to be deposited.
The video notes that consumers who use their bank account carefully and avoid overdraft fees will likely find it costs less than not having a bank account.
The 17-minute video was produced by a cooperative effort of the Federal Reserve Banks. Both English and Spanish versions are available for viewing online at: www.bos.frb.org/consumer/lessons-from-a-storm/ Instructions for ordering a DVD are also available on the site.
For more information, contact the Public and Community Affairs Department of the Federal Reserve Bank of Boston at (800) 409-1333.
