Bank On Louisville Launched

6 07 2010

Program to help citizens achieve financial stability

LOUISVILLE (July 1, 2010) – Mayor Jerry Abramson launched a new program this morning to help unbanked citizens—those who do not have a checking or savings account—gain better access to the mainstream banking system, saving themselves and their families thousands of dollars.

Bank On Louisville encourages people to sign up for traditional checking and savings accounts, rather than relying on fringe financial services, such as check cashing companies and payday loan providers. It’s estimated that fees from those services add up to more than $40,000 over the working lifetime of one individual.

“Bank On Louisville can help change the financial future for hundreds of families citywide,” Abramson said. “By simply opening a checking account citizens can eliminate high fees for payday loans and other services that will save them thousands of dollars.”

Local community organizations, banks and credit unions, and government agencies, including Metro Louisville’s Economic Development Department and Metro Human Services, are working together to reach the unbanked and underbanked citizens of Louisville.
 
Eleven banks, more than 40 community organizations and eight government partners, including Metro Government, FDIC and the Federal Reserve, have committed to Bank On Louisville. More partners are expected to sign on as the program continues to grow.

An important component of Bank On Louisville is the financial education opportunities it provides. In addition to classes and support through many of the banking and community organization partners, Bank On Louisville also offers the Start Fresh program. It assists citizens who have had a less than positive experience or history with banks in the past.

The Start Fresh program offers basic financial education classes that will guide participants through the banking process and help them avoid the pitfalls of overdrafts and mismanagement.

The public is invited to learn more during two upcoming Bank On Louisville informational sessions. A variety of financial institutions and community organizations will be on hand to provide information, education and answer questions. Refreshments will be provided.

•  July 13th, 3pm-7pm, Northwest Neighborhood Place, 4018 W. Market St.
•  July 14th, 3pm-7pm, TBA

You can also learn more about Bank On Louisville by visiting Bank On Louisville www.bankonlouisville.com or calling Metro Call 311.

Louisville was one of eight cities selected to receive a technical assistance grant from the National League of Cities. The year-long grant provided the expertise of the NLC as well as other cities that have launched Bank On programs to develop Bank On Louisville.

San Francisco was the first city to launch a Bank On program in 2005. Since then, 70 cities nationwide have launched their own program or are currently developing one. For information, please visit www.joinbankon.org

Bank On Louisville sponsors, bank partners and community partners include:

SPONSORS
Louisville Metro Government      PNC Bank
Metro United Way                             Park Community Federal Credit Union
First Capital Bank of Kentucky      BB&T
Fifth Third Bank                                 Doe Anderson
Clear Channel Radio                         Federal Reserve Bank of St. Louis
FDIC                                                 National League of Cities
Old National Bank

BANK PARTNERS
BB&T                                                      Chase                                                   
Commonwealth Bank & Trust         Fifth Third Bank                                
First Capital Bank of Kentucky       L&N Federal Credit Union
Old National Bank                              Park Community Federal Credit Union
PNC Bank                                               Republic Bank
Your Community Bank

COMMUNITY PARTNERS
Louisville Asset Building Coalition            National League of Cities
Louisville Urban League                               Family and Children’s Place
CLOUT                                                         Women 4 Women
Dare to Care                                             Jewish Family and Career Services
Americana Community Center        Volunteers of America
Society of St. Vincent de Paul           Community Coordinated Child Care
Goodwill Industries                               Family Scholar House
Shively Area Ministries                        Neighborhood Place
Legal Aid Society                                     Center for Women and Families
Eastern Area Community Ministries        ElderServe Inc.
Bellarmine University        Making Connections Network                        
New Directions Housing Corp.           Catholic Charities                           
Salvation Army                                         Junior Achievement of KY                
Tree of Life Aftercare Program           Center for Accessible Living             
Center for Nonprofit Excellence         Wesley House Community Services        
The Housing Partnership, Inc.             YMCA of Greater Louisville
Boys/Girls Clubs of Kentuckiana          Louisville Central Community Center       
Cathedral of the Assumption                  East Louisville Community Ministry     
Highlands Community Ministries          So. Louisville Community Ministries
St. Matthews Area Ministries                   St. Peters United Church of Christ
Metro United Way                                        West Louisville Business Association
Doe Anderson                                                Clear Channel Radio
American Red Cross Louisville Area Chpt.     Habitat for Humanity of Metro Louisville
Plymouth Community Renewal Center
 

GOVERNMENT PARTNERS
Ky Dept. of Community Based Services     Office of Congressman John Yarmuth
Federal Reserve Bank of St. Louis         Metro Call 311
FDIC                                                                  Internal Revenue Service
Louisville Metro Human Services        Louisville Metro Economic Development

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