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MCE C.A.R.E.S. Partners with Industrial Bank

February 5, 2025

Contact: media.dpscs@maryland.gov

MCE C.A.R.E.S. Partners with Industrial Bank


 

Maryland Correctional Enterprises (MCE), Continuing Allocation of Reentry Services (C.A.R.E.S.), has partnered with Industrial Bank, a Minority-Owned Community Development Financial Institution (CDFI), based in Washington, DC, to assist program participants with opening bank accounts to save for the future. Industrial Bank provides paper applications for our participants to complete to open a Savings account or an interest-bearing CD at the market rate. Once completed applications are received by the bank, a personal banker is assigned to that individual and they will receive correspondence by mail.

Participants can send money via Department of Corrections (DOC) vouchers including pay received from MCE. Account holders are allowed to withdraw money up to two times per year by sending a written and signed request to the Industrial Bank for a withdrawal slip. Once the withdrawal slip has been received by the bank and approved, a cashier's check is sent via mail to the DOC facility for the participant. The Program participants' families or friends are allowed to make deposits into their accounts; however, they are not allowed to withdraw. Additionally, account holders receive a bank statement any month that a deposit has been made Industrial Bank offers our program participants virtual financial literacy classes called "Lunch and Learn" sessions as well as multiple workshops. Topics include:

  • Banking 101 - How banking works
  • Credit improvement
  • The differences in Savings, Checking, and Interest-bearing accounts. Every little bit helps!
  • Planning for requesting a mortgage
  • Credit cards
  • Understanding market rates
  • These workshops prepare participants for possible financial challenges as they work toward financial stability. Sessions are typically one hour long with shortened sessions of thirty minutes available.

For more information on other C.A.R.E.S. programming offered by MCE, please visit our website at https://mce.md.gov/Reentry.