Mayor Martin J. Walsh announced the launch of Bank On Boston in October 2017 as a cross-sector collaboration among the City of Boston, community partners, and financial institutions to help Boston residents achieve economic mobility through better access to reliable and non-predatory financial products and services.
Bank On Boston is part of a nationwide Bank On initiative led by the Cities for Financial Empowerment (CFE) Fund. The design and launch of Bank On Boston was led by the City of Boston Mayor’s Office of Financial Empowerment (OFE) and the City of Boston Mayor’s Office of New Urban Mechanics (MONUM). The Bank On Boston Coalition provides ongoing guidance for the program.
In addition to connecting residents with non-predatory financial services, Bank On Boston also raises public awareness of mainstream banking, expands access to financial education, and connects residents to other programs of the Mayor’s Office for Financial Empowerment (OFE), such as the Roxbury Center for Financial Empowerment, the Boston Tax Help Coalition, Boston Builds Credit, and Boston Saves.