Thursday July 1, 2010
Program to help citizens achieve financial stability
Mayor Jerry Abramson has launched a new program to help unbanked citizens---those who do not have a checking or savings account---gain better access to the mainstream banking system, saving themselves and their families thousands of dollars.
Bank On Louisville encourages people to sign up for traditional checking and savings accounts, rather than relying on fringe financial services, such as check cashing companies and payday loan providers. It’s estimated that fees from those services add up to more than $40,000 over the working lifetime of one individual.
“Bank On Louisville can help change the financial future for hundreds of families citywide,” Abramson said. “By simply opening a checking account citizens can eliminate high fees for payday loans and other services that will save them thousands of dollars.”
Local community organizations, banks and credit unions, and government agencies, including Metro Louisville’s Economic Development Department and Metro Human Services, are working together to reach the unbanked and underbanked citizens of Louisville.
Eleven banks, more than 40 community organizations and eight government partners, including Metro Government, FDIC and the Federal Reserve, have committed to Bank On Louisville. More partners are expected to sign on as the program continues to grow.
An important component of Bank On Louisville is the financial education opportunities it provides. In addition to classes and support through many of the banking and community organization partners, Bank On Louisville also offers the Start Fresh program. It assists citizens who have had a less than positive experience or history with banks in the past.
The Start Fresh program offers basic financial education classes that will guide participants through the banking process and help them avoid the pitfalls of overdrafts and mismanagement.
The public is invited to learn more during two upcoming Bank On Louisville informational sessions. A variety of financial institutions and community organizations will be on hand to provide information, education and answer questions. Refreshments will be provided.
· July 13th, 3pm-7pm, Northwest Neighborhood Place, 4018 W. Market St.
· July 14th, 3pm-7pm, TBA
You can also learn more about Bank On Louisville by visiting www.bankonlouisville.com or calling Metro Call 311.
Louisville was one of eight cities selected to receive a technical assistance grant from the National League of Cities. The year-long grant provided the expertise of the NLC as well as other cities that have launched Bank On programs to develop Bank On Louisville.
San Francisco was the first city to launch a Bank On program in 2005. Since then, 70 cities nationwide have launched their own program or are currently developing one. For information, please visit www.joinbankon.org
Bank On Louisville sponsors, bank partners and community partners include:
Louisville Metro Government PNC Bank
Metro United Way Park Community Federal Credit Union
First Capital Bank of Kentucky BB&T
Fifth Third Bank Doe Anderson
Clear Channel Radio Federal Reserve Bank of St. Louis
FDIC National League of Cities
Old National Bank
Commonwealth Bank & Trust Fifth Third Bank
First Capital Bank of Kentucky L&N Federal Credit Union
Old National Bank Park Community Federal Credit Union
PNC Bank Republic Bank
Your Community Bank
Louisville Asset Building Coalition National League of Cities
Louisville Urban League Family and Children's Place
CLOUT Women 4 Women
Dare to Care Jewish Family and Career Services
Americana Community Center Volunteers of America
Society of St. Vincent de Paul Community Coordinated Child Care
Goodwill Industries Family Scholar House
Shively Area Ministries Neighborhood Place
Legal Aid Society Center for Women and Families
Eastern Area Community Ministries ElderServe Inc.
Bellarmine University Making Connections Network
New Directions Housing Corp. Catholic Charities
Salvation Army Junior Achievement of KY
Tree of Life Aftercare Program Center for Accessible Living
Center for Nonprofit Excellence Wesley House Community Services
The Housing Partnership, Inc. YMCA of Greater Louisville
Boys/Girls Clubs of Kentuckiana Louisville Central Community Center
Cathedral of the Assumption East Louisville Community Ministry
Highlands Community Ministries So. Louisville Community Ministries
St. Matthews Area Ministries St. Peters United Church of Christ
Metro United Way West Louisville Business Association
Doe Anderson Clear Channel Radio
American Red Cross Louisville Area Chpt. Habitat for Humanity of Metro Louisville
Plymouth Community Renewal Center
Ky Dept. of Community Based Services Office of Congressman John Yarmuth
Federal Reserve Bank of St. Louis Metro Call 311
FDIC Internal Revenue Service
Louisville Metro Human Services Louisville Metro Economic Development