Why Do I Need a Bank Account?
- Over a single year without a bank account, the average person can spend $800 on fees related to cashing their checks. That is $800 to access the money you have already worked so hard to get.
- Over the course of a working lifetime, a wage earners using alternative financial services will pay $40,000 in transaction fees related to cash checking, money orders, etc. that would otherwise be available for other purposes and long-term financial stability.
- These fees and costs could be avoided with a simple checking account, especially a second-chance account if you have had banking issues in the past, and that money could be spent instead on the well-being of your family. Think of all the groceries, gas, and necessities that saved money could purchase!
Why Bank On?
The Bank On Louisville program has helped more than 30,000 accounts be opened since their beginning in July 2010. This has helped unbanked become more financially stable. Bank On Louisville is here to help you create a helpful and successful relationship with a bank or credit union. Whether you are looking to open your first account or have struggled with accounts in the past, our tremendous partner network and financial education offerings can get you on the path to financial success.
Bank On Louisville is a collaborative initiative that helps not just people who need access to checking accounts, but entire neighborhoods and communities as well. It's a win-win-win:
- Bank on Louisville is a win for unbanked and under-banked individuals and families in our community. We know that over the course of a working lifetime, a wage earner will pay an incredible $40,000 in transaction fees related to check cashing, money orders, etc. that would otherwise be available for other purposes and long-term financial stability.
- Bank on Louisville is a win for neighborhoods and underserved communities. We know that retail investments are often heavily tied to credit card and checking account transactions within a geographic area, which will lead to new economic opportunities for individuals and the neighborhoods in which they reside.
- Bank on Louisville is a win for the partners engaged. It strengthens efforts of community based organizations to serve their clients and fulfill their missions while leading to new business opportunities for mainstream financial institutions – tapping an unrealized market.
Join us today!
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