What Is Bank On?

Click here to download a PDF that includes stats and demographics about Bank On and Parishes of Caddo, Bossier, Webster, Bienville, and Claiborne area:
Bank On Stats & Demographics – Bienville Parish
Bank On Stats & Demographics – Bossier Parish
Bank On Stats & Demographics – Caddo Parish
Bank On Stats & Demographics – Claiborne Parish
Bank On Stats & Demographics – Webster Parish
Bank On Stats & Demographics – Bossier City
Bank On Stats & Demographics – Shreveport

Bank On negotiates with banks and credit unions in Northwest Louisiana to reduce barriers to banking and increase access to the financial mainstream. Bank On programs are voluntary, public/private partnerships between local or state government, financial institutions, and community-based organizations that provide low-income un- and underbanked people with free or low-cost starter or “second chance” bank accounts and access to financial education.

For many Americans, safely accessing their money is never a concern; they may choose from a variety of institutions with which to safely save and access their income, obtain loans to buy homes and build businesses, and create financial stability and opportunity. But for a growing number of Americans, there are seemingly insurmountable obstacles to gaining access to this system, causing them to turn to financial services that deplete, rather than preserve, their money. This alternative system includes check cashers, payday loan providers, pawn shops, auto title lenders and rent-to-own stores that charge high fees for services the majority access for much less. Without the most basic financial tool – a checking account – families are hard-pressed to build savings and assets and to respond to emergencies.

Since the first Bank On program was launched in San Francisco in 2006, this model of financial access has been refined, replicated and identified as a leading strategy for state and local officials across the US to bring unbanked and underbanked consumers into the financial mainstream. Bank On programs thrive upon collaborative partnerships among local government, financial institutions and nonprofits. In addition to connecting unbanked individuals to low-cost bank accounts, Bank On programs involve efforts to raise public awareness, targeted outreach and expanded access to financial education. The appeal of Bank On is straightforward: it addresses the widely-recognized challenge of financial access by ensuring there are products out there that meet consumers’ needs and by enabling consumers to use those products safely and responsibly.

What Makes It Affordable, or a Second Chance?

• Monthly Service Fee $12 or less
• No monthly minimum balance requirement
• Minimum opening balance requirement $100 or less
• Accept alternative ID – ITIN

Bank On Provides Second Chances for:

• those listed in Chexsystems or similar databases