Former Senior Vice President, Director of Retail Banking, Amalgamated Bank
Amalgamated Bank was able to create a customized, innovative account option specifically for Save for College Program families called the “Amalgamated Save for College Bank Account.” This account helped to make the Save for College account infrastructure even more accessible and equitable by offering an option without investment risk (FDIC insured), with no account maintenance fees or account minimums, that accepts IDNYC as a form of identification, and allows for various methods of deposit, including cash. In the span of about six months, Amalgamated Bank created this new account type, trained staff at all its NYC branches on how to open the accounts, and worked with NYC Kids RISE to create informational materials for families. As the former Senior Vice President and Director of Retail Banking at Amalgamated Bank, Charles Schembri served as a critical liaison between the two organizations. NYC Kids RISE and Amalgamated continue to collaborate on ways to expand access to financial services to families in the Save for College Program.
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