Bank On Baton Rouge is an initiative of Capital Area United Way, financial institutions, federal regulatory agencies, and community organizations to offer mainstream financial services to the unbanked and underbanked in our community. Through our partnerships with financial institutions and other community organizations, Bank On Baton Rouge will give citizens access to the accounts, loans, and oth
er services they may have been denied in the past. Our partners also provide access to the financial education community members need to make the most of their money. Our bank and credit union partners will offer no-cost or low-cost checking accounts to increase banking accessibility for all. Several community and financial partners will also offer financial education opportunities to ensure participant success with the products and services. Additionally, we have a goal to explore innovative options in the area of finance whether is the development of FinTech or the creation of a stratified course program that will increase financial awareness and/or build assets.
1 in 4 households in Baton Rouge are underbanked, meaning a family has an account, but still primarily relies on check cashing and other predatory lending services. 1 in 9 households in our city are entirely unbanked, meaning a family has no banking account at all, and must rely solely on predatory financial providers. The fees add up, so that without a banking relationship, the average worker spends over $40,000 in a lifetime just to cash his or her checks. Bank On Baton Rouge is a way to allow these individuals to start a relationship with the financial sector, allowing them to begin saving for the future. By increasing family financial stability and community wide asset building, our community and its economy will only be stronger.
