About Bank On Memphis
Currently there are 90,000 families in Shelby County who are economically vulnerable and without access to banking services. Those who do not use bank accounts and other safe, affordable financial services often live paycheck to paycheck — and precariously close to a serious financial crisis.
Bank On Memphis is a public-private partnership between the City of Memphis, Shelby County government, financial institutions and nonprofits to encourage the unbanked to establish an account at a mainstream financial institution. The program is designed to help the unbanked households in Memphis and Shelby County by creating financial relationships that will protect their money and assist them as they walk toward a stronger financial future. Bank On Memphis is a network of local banks, credit unions and public service organizations interested in helping people manage their money and in giving them the financial power to be successful in their homes as well as their community.
Bank On Memphis has 5 Goals:
Bank On Memphis is a public-private partnership between the City of Memphis, Shelby County government, financial institutions and nonprofits to encourage the unbanked to establish an account at a mainstream financial institution. The program is designed to help the unbanked households in Memphis and Shelby County by creating financial relationships that will protect their money and assist them as they walk toward a stronger financial future. Bank On Memphis is a network of local banks, credit unions and public service organizations interested in helping people manage their money and in giving them the financial power to be successful in their homes as well as their community.
Bank On Memphis has 5 Goals:
- To open accounts at banks or credit unions for 5,000 people in 18 months.
- To offer Bank On Memphis customers no-cost or low-cost checking or savings accounts with low deposit requirements and low account fees and to help them maintain those accounts for 18 months or more.
- To promote efforts to help 18-to-34 years olds establish relationships with banks and credit unions.
- To accept customers who have had accounts closed for reasons other than fraud by giving them a second chance and a referral to a Bank On Memphis financial education partner.
- To make education on money management available to all Bank On Memphis customers.
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