Old Glory Bank Helping Homeless Vets Reenter the Banking System

Old Glory Bank’s Innovative McFadden Project encourages homeless vets to take a step forward by opening a bank account.

www.oldglorybank.com

ELMORE CITY, Okla.--(BUSINESS WIRE)--Old Glory Bank, the pro-America online community bank, unveils the McFadden Project, an innovative solution to helping homeless veterans open a bank account.

“We believe that being unbanked is a major obstacle to homeless veterans taking steps forward to rebuild their lives, such as renting an apartment,” says Mike Ring, Air Force Veteran and Old Glory Bank CEO. “We are changing that,” Ring adds.

Some of the difficulties homeless veterans encounter in trying to open an account are their reluctance to walk into a physical bank branch and the challenge of not having a mailing address to receive items like debit cards, disclosures, and statements.

The McFadden Project by Old Glory Bank is a five-point plan that addresses each issue as it solves the unbanked challenge of homeless veterans:

1. Old Glory Bank’s account opening process is done entirely online and using a mobile phone, so there is no need to visit a physical branch. Old Glory Bank has a dedicated US-based customer service team that recognizes that many of our homeless veterans suffer from PTSD and TBI (Traumatic Brain Injury).
2. While housing security is a concern for our veterans, Old Glory Bank is committed to ensuring that an address will not hinder the application process. Veterans may utilize alternatives such as a VA Coordinator’s office.
3. Old Glory Bank statements and disclosures will be accessible via the individual’s mobile device. Debit cards will be virtual. Veterans can use tap-to-pay to make purchases and withdraw cash from special ATMs using only their mobile devices.
4. Direct deposit of veterans' benefits can be easily set up through our app or using their mobile device.
5. Veterans can receive and send money using Old Glory Pay, Old Glory Bank’s proprietary payment platform.

The McFadden Project was named in honor of Mr. Thomas McFadden, the father of Old Glory Bank VP of Operations Bridget Woytowicz. Mr. McFadden died in 2023 after a 50-year struggle with complications from PTSD resulting from the Vietnam War. Mr. McFadden never experienced homelessness, but his struggles with PTSD have driven Bridget’s passion for helping veterans, and Old Glory Bank is proud to name this important project in honor of her father.

“I joined the family at Old Glory Bank because of their commitment to America and the Military and I’m honored to be part of this important project. I know my dad is looking down and humbled by our commitment to his fellow veterans,” Woytowicz says. “Old Glory Bank does so much for veterans, and the McFadden Project is another important way we are improving the lives of those who sacrificed for our freedom and liberty.”

In addition to the McFadden Project, Old Glory Bank supports our service men and women through VA Home Loans, Old Glory Protect, and Charitable Round-Up. Old Glory Protect provides military, law enforcement, firefighters, and US border patrol agents with a $100,000 line-of-duty death benefit free with direct deposit into an Old Glory Bank account. Charitable Round-Up allows Old Glory Bank customers to round up every purchase they make with their Old Glory Bank debit card to the nearest dollar, with 100 percent of that extra change going to partner charities that support in-need and at-risk veterans and their families.

If you know a homeless veteran who needs a bank account at Old Glory Bank, please contact [e-mail]. Old Glory Bank will help them get back into the banking system.

About Old Glory Bank

Old Glory Bank is an FDIC-insured bank that offers the best mobile banking solutions for consumers and businesses, from sea to shining sea. Old Glory Bank is committed to serving those who feel marginalized for believing in the greatness of America. Old Glory Bank was co-founded by some of the leading voices supporting freedom and love of country, including former Secretary of Housing and Urban Development Dr. Ben Carson; Radio and Television Host Larry Elder; country music superstar, TV host, entrepreneur, and songwriter, John Rich; and former two-term Governor of Oklahoma Mary Fallin-Christensen. Visit www.oldglorybank.com. We Stand with You. Member FDIC.