Bank On Memphis Receives $10,000 Grant from CFE Fund

MEMPHIS, Tenn. – The Shelby County Trustee’s Office announced Bank On Memphis received a $10,000 capacity grant from the Cities for Financial Empowerment Fund (CFE Fund). The CFE Fund’s national Bank On platform supports local coalition and financial institution efforts to connect consumers to safe, affordable bank accounts. Memphis/Shelby County is one of 57 Bank On coalitions nationwide.

"We are grateful to receive this grant from the CFE Fund. With the help of City of Memphis, financial institutions and community partners, we have increased awareness among thousands of people and introduced them to traditional banking,” said Shelby County Trustee David C. Lenoir. "Getting this type of financial support from the national Bank On movement lets us know we are doing something right in Memphis and they want to see us continue to grow.”

Bank On Memphis was established in 2011 and relaunched in 2015 with a city-wide awareness campaign and mobile app to reach low-to-moderate income Memphians who rely on alternative services like check cashers, liquor stores, and payday lenders. Financial education programming for youth was also added. To date, over 6,500 bank accounts have been opened through Bank On Memphis.

On May 23rd Bank On Memphis was highlighted at the Bank On National Conference in Washington for its community outreach, innovation and successful programmatic approach of using government infrastructure to leverage large scale banking access.

“Across the country, local Bank On coalitions are making critical strides connecting consumers to the financial mainstream,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “We are proud to award a Bank On Capacity Grant Fund to Bank On Memphis to support their efforts and enhance their work connecting Memphians to safe, affordable accounts.”

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About Bank On Memphis:
A community initiative led by The City of Memphis and the Trustee’s Office to reach the 90,000 unbanked and underbanked households in the Memphis MSA and introduce them to mainstream banking. For more information, please visit www.bankonmemphis.org.

About the Cities for Financial Empowerment Fund (CFE Fund):
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. The CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. For more information, please visit www.cfefund.org.