Tuesday August 30, 2011
Mayor Greg Fischer gathered with representatives of Bank On Louisville today to celebrate the first anniversary of the program and its extraordinary successes.
Following an invitation from the National League of Cities, Bank On Louisville kicked off in July 2010 to help unbanked and underbanked citizens in our community ---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. It’s estimated that fees from fringe financial services like check cashing companies and payday loan providers can add up to more than $40,000 over the working lifetime of one individual.
Bank On Louisville's original goal of opening 500 new accounts in 2010-2011 was quickly surpassed as more partner agencies came on board and the popularity of the program began to soar. At the end of the first year, 5,952 new accounts were opened, $5,012,655 deposited and more than 90 partners participated.
“Something as simple as opening a checking or savings account can have a huge impact. Suddenly, families are saving thousands of dollars in unnecessary fees and they are able to save for the future,” Mayor Greg Fischer said. “With the network of community-wide partners involved, the program will only continue to grow and achieve more.”
Eleven banks and credit unions (117 branches), and 80 community organizations and government agencies, including Metro Louisville’s Community Services and Revitalization and the Economic Development Department, FDIC and the Federal Reserve, work together to reach the unbanked and underbanked citizens of Louisville.
Bank On Louisville also helps to connect individuals with numerous financial education opportunities including the Start Fresh! program that guides participants through the banking process and helps them avoid the pitfalls of overdrafts and mismanagement.
There is still a great need in our community for banking and financial literacy and Bank On Louisville is answering this challenge by establishing stretch goals for 2011-2012 including opening 7500 new accounts and increasing partnerships in non-profits, financial, employers and faith-based organizations.
A free community-wide Bank On Louisville 1st Birthday Bash and Resource Fair is being held this evening, August 30th from 2-6 pm at the Kentucky Center for African American Heritage.
You can learn more about Bank On Louisville by visiting www.bankonlouisville.com or calling Metro Call 311.