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.
The mission of Bank On Boston is to assist unbanked and underbanked residents of Boston open and maintain zero-to-low cost checking and savings accounts, rather than utilizing high cost alternative services and predatory practices including accessing providers such as check cashers, pawn shops, and/or payday lenders. Additionally, Bank On Boston works towards developing and providing safe, affordable and accessible credit building products for community residents.
Broader goals include ensuring that all Boston residents, primarily focusing on the needs of extremely low to moderate-income residents, have access to safe, appropriate, trusted, affordable financial products and services. Such services will empower Boston residents to build wealth by encouraging economic mobility, and equitable access to the mainstream banking system.
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.
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Bay State Banner
May 13, 2021
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Banker & Tradesman
April 4, 2021
City Expands Bank On Boston Program with Free Checking Accounts
The Daily Free Press
March 8, 2021
A New Online Banking App Aims to Make it Easier for Low-Income Residents in Boston to Set Up Bank Accounts (audio)
WBUR
March 5, 2021
Bank On Boston Partnership to Support Unbanked and Underbanked Boston Residents
City of Boston Press Office
March 4, 2021
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The Hill
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How America Banks: Household Use of Banking and Financial Services
FDIC
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Faces of America Saves Week
OFE Blog
March 6, 2018
City of Boston Celebrates America Saves Week
OFE Blog
Feb. 21, 2018
Season of Free Tax Services Launches with New Services
OFE Blog
Feb. 2, 2018
Bank On Boston: Economic Mobility through Banking Access in Boston
Presentation slides from the FDIC Boston Alliance for Economic Inclusion Fall 2017 Forum
Dec. 6, 2017
Bank On Boston: Economic Mobility through Banking Access in Boston
Medium
Nov. 20, 2017
New Programs to Increase Economic Mobility for Boston Residents
City of Boston Press Office
Oct. 25, 2017