Bank On Cities Campaign

Indianapolis Chosen for Bank On Cities Campaign

Indianapolis has been selected by the National League of Cities' (NLC) Institute for Youth, Education, and Families as one of eight cities to participate in the Bank On Cities Campaign. Indianapolis was chosen because of a strong commitment to helping residents achieve financial stability. The campaign will provide cities with assistance in helping residents build and protect assets by promoting connections to the financial mainstream at a time when many families are struggling to make ends meet.

"Financial fitness and asset building for Indianapolis families is an absolute necessity," said Indianapolis First Lady Winnie Ballard, who chairs Indy's Campaign for Financial Fitness. "Launching a Bank On Indianapolis program will be key to building on our existing financial stability platform to accomplish this. Bank On Indianapolis will provide needed access to banking products, including savings and checking accounts for the un-banked in Marion County. In the current economic climate, these services are imperative for helping families attain long-term financial stability."

Modeled after the Bank On San Francisco initiative, the Bank On Cities Campaign helps create relationships among local governments, citizens, local banks and credit unions, and community partners to ensure that all residents have access to bank accounts, financial education, and other asset-building opportunities. Many families, particularly those with low-incomes, rely on payday lenders, check cashers and other high-cost fringe financial services for their banking needs. The project aims to expand families' access to free and low-cost bank accounts to help them keep more of their paychecks, build savings, and establish a credit history.

The City of Indianapolis in partnership with the Indianapolis Asset Building Coalition has worked to shape and maximize community resources to help low and moderate income residents of Indianapolis to become more financially fit. Save-Earn-Learn: Indy's Campaign for Financial Fitness has provided free tax preparation during the 2009 tax season at ten community centers. Free ongoing workshops and one-on-one financial coaching at the five Centers for Working Families along with other financial education sessions are available.

The Bank On campaign will help expand these existing financial fitness initiatives and reach more of the estimated 79,800 un-banked citizens in Marion County.

Throughout the one-year project, Indianapolis will receive intensive technical assistance from NLC through conference calls, web seminars and convenings with other project cities to engage in peer networking and share successful ideas. City representatives, the Indianapolis Asset Building Coalition and other community partners will develop action plans to outline the city's goals in the Bank On Cities Campaign, using advice and resources from NLC staff and national experts.

The Bank On Cities Campaign is supported by the Annie E. Casey Foundation and the Ford Foundation. In 2008, the YEF Institute's Bank On Cities Campaign provided technical assistance to ten cities, many of which have already launched successful programs to reach un-banked residents.

The National League of Cities is the nation's oldest and largest organization devoted to strengthening and promoting cities as centers of opportunity, leadership and governance. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans. www.nlc.org.