Saturday, August 22 2009
Bank of Evansville finds 'Bank On' program works
A Bank of Evansville program led to the opening of 324 bank accounts in the first half of 2009.
The program is a response to Census statistics indicating that 6,000 Evansville households lack bank accounts. It is believed those who live in such households spend more than $800 a year to cash paychecks and to write checks for their bills.
The 324 accounts added in the first half of 2009 were opened by the 15 financial institutions participating in the program. That number makes up 27 percent of 1,200 accounts the city wants to see opened through Bank on Evansville this year.
The average monthly balanced held in them was $219.
The National League of Cities has reported that Evansville has the fastest expanding "Bank On" program in the United States.
"These numbers show that Bank on Evansville is really making an impact in our community," Mayor Jonathan Weinzapfel said.
— Dan Shaw