Families Move Up the Economic Ladder
This report outlines our first year collaborations, successes and positive community impact of approximately $1.9 million dollars annually, based on average of $1,200 savings for each family who could otherwise spend on fringe financial services.
BANK-On SAVE-Up St. Louis is the first initiative led by the St. Louis Regional Unbanked Task Force. It is modeled after the successful âBank Onâ San Francisco program, which began in 2006 and in its first year brought in over ten thousand new accounts with more than 17 bank and credit union branches participating. The âBank Onâ concept is now being replicated throughout the US in 64 cities and 26 states.
The purpose of BANK-On SAVE-Up St. Louis is to provide access to affordable financial services including checking and savings accounts, credit products and financial education. Unbanked and under-banked individuals operate in a mainly cash-based system, missing out on the stabilizing benefits that a checking account can provide.
The Goal of BANK-On SAVE-Up St. Louis is to open accounts for at least 20,000 currently âunbankedâ households over the next two years and have at least 80% of those accounts successfully maintained or upgraded and to create opportunities in the community for financial education. We want to help families keep more of their paychecks in order to gain greater financial stability. At present, we have 20 bank partners across the St. Louis region that are helping to remove barriers so that lowâincome families can open these accounts.
The Role of Community Partners. Our success rests on our ability to reach unbanked consumers through networks they trust, like employers, places of worship, community based agencies, and local colleges. In addition we will market to consumers where they spend their money and time (grocery stores, gas stations, beauty/barber salons, etc.). Your organization can help connect us with unbanked households looking to take the first step on the road to financial security. As a partner you will have access to marketing materials that you can customize for your own outreach events.