Fenty Administration and HEWFCU Launch Bank on DC4/28/2010
HEW Federal Credit Union is the Platinum Sponsor of Bank on DC!
April 28, 2010, Washington, DC - Mayor Adrian M. Fenty announced today the launch of Bank on DC, a public-private partnership between the District Government, financial institutions and community-based organizations to ensure that everyone in DC has a checking account and financial education. DC is home to over 37,000 unbanked households and 72,000 underbanked households who spend roughly $800 a year in check cashing and money order fees. The unbanked are disproportionately concentrated in Wards 1, 4, 7 and 8 where there are literally more check cashing outlets than bank or credit union branches.
�Bank on DC is a critical part of our efforts to strengthen the foundation of the District�s economy and help our District residents get on a path towards financial wellness. The most basic step is to ensure that each of our residents has access to a checking account where they can secure their hard earned money and start saving for the future,� says Mayor Adrian M. Fenty.
The Bank on DC account, offered by the program�s 7 Banks and 6 Credit Union Partners, has no monthly fees, no minimum balance, and no courtesy overdraft protection, a feature that has caused many people to incur overdraft fees and have their accounts closed in the past. True to the program�s tagline, �Everyone is Welcome�, Bank on DC�s financial partners accept foreign IDs to better serve the District�s foreign born population and offer �Second Chance Accounts� for people who have a ChexSystems history.
Sponsored by its financial partners, including HEW Federal Credit Union (FCU), Agriculture FCU, Department of Veterans Affairs FCU, District Government Employees FCU, and Treasury Department FCU, Bank on DC has launched a public campaign to promote the benefits of having a checking account.
�The Bank on DC account is a very safe and affordable account, ideal for someone who is banking for the first time or who needs a second chance. We have set a goal to open 10,000 Bank on DC accounts in the District and to offer financial education to every single one of those account holders,� says Fiona Greig Program Manager of Bank on DC.
Bank on DC provides financial education and counseling services to the District�s unbanked and underbanked populations through their community partners, such as Capital Area Asset Builders and Operation Hope, as well as online through its online financial education learning portal developed by Financial Education and Literacy Advisors (FELA). Bank on DC is also working with employers, such as the District�s Summer Youth Employment Program, to help employees open accounts and set up direct deposit.
Bank on DC is built off the blueprint pioneered by Bank on San Francisco, which has now opened more than 50,000 accounts. San Francisco�s successful program has now taken the national stage: The District of Columbia is one of roughly 70 cities and states to replicate the program, and President Obama has included $50 million in his FY2011 budget for �Bank on USA�.
Bank on DC launched on Wednesday, April 28, 2010 at the Credit Union House in Washington, DC.
Source: DC Government
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