Bank On Indy initiative nearing first-year goal

The city, through its Bank On Indy initiative, is nearing its first-year goal of reaching at least 10 percent of those in Indianapolis who lack bank accounts.

Indianapolis Mayor Greg Ballard and his wife, Winnie, announced the program's progess Wednesday.

The initiative is a public-private partnership the city developed with local banks and credit unions to connect the nearly 80,000 “unbanked” residents of Marion County with banking services.

The low-cost or no-cost bank accounts are designed for people who have never had a bank account or who want a second chance because of past financial problems.

Headed by Winnie Ballard, Bank On Indy launched in October 2009 with a first-year goal of opening 8,000 new accounts. As of June 30, 7,584 accounts had been opened at 19 participating financial institutions.

“Financial fitness plays a tremendously important role in the overall health of our community, and the public and private sectors must continue to work together to bring sustained financial stability to Indianapolis families,” Ballard said in a written statement.

Bank On Indy is part of the larger Indy’s Campaign for Financial Fitness. Other campaign programs offer free tax-preparation services provided by volunteers and an IRS agent, and financial education classes offered through financial institutions, community centers and not-for-profits.

The city also announced on Wednesday that the mayor’s Citywide Financial Planning Day at the University of Indianapolis will be held on Nov. 13.

More information about the Bank On Indy program is available here.