Bank On Indy initiative nearing first-year goal

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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.


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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.