Bank on DC

The Fenty Administration is launching Bank on DC, an initiative that aims to help the 37,000 unbanked families in the District open bank accounts. WDCEP is a partner and promoter of the initiative by providing creative direction, program, event and marketing support.

The Bank on DC initiative specifically targets residents of Wards 1, 7 and 8, which have the largest concentration of unbanked families and where more than half of the financial institutions are check cashers and other nontraditional lenders. The initiative is a public private partnership between the District government, financial institutions, and community organizations, sponsored largely by HEW Federal Credit Union, Treasury Department Federal Credit Union, and District Government Employees Federal Credit Union. Currently 5 banks and credit unions have signed on with Bank on DC to offer checking accounts with no monthly fee, and 4 community organizations have agreed to offer free financial education classes to help people learn the basics and the benefits of banking.

“Having a bank account can save people up to $800 a year in check cashing fees. We’re working with financial institutions to offer accounts that are hands down cheaper and safer than the alternative for people who are unbanked. We want to open 10,000 accounts in 2010. This is a win-win for everyone.” says Fiona Greig, Bank on DC program director.

Bank on DC advertisements are currently displayed on the outside and inside of Metro buses throughout DC. Bank on DC window clings will adorn the facades of participating banks, credit unions, and organizations.

For more information about the Bank on DC initiative, please email bankon@dc.gov