Many households in Boston do not have a checking or savings account and rely on costly check-cashing and other alternative financial services. For these residents, opening a safe, affordable and non-predatory checking or savings account is an important step toward improving financial wellness. Bank On Boston helps make that step easier. The Bank On national account standards can help point residents in the direction of vetted accounts.
Bank On Boston connects Boston residents with reliable financial products and services that can help them save, grow, and access their money.
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Why Bank On Boston?
- In Boston, approximately 10% of households are unbanked, meaning they do not have a checking or savings account, and 20% of households are underbanked, meaning that although they may have a checking or savings account they continue to use alternative financial services.
- This financial challenge disproportionately affects low-income families in Boston and nationwide.
- Boston’s Roxbury, Dorchester, and East Boston neighborhoods are particularly in need of mainstream banking options. These neighborhoods have 57% (26/45) of the city’s check-cashing locations, but only 12% (31/267) of the city’s commercial bank branches.
- A household with an income of $32,000 per year can typically spend up to $2,400 annually simply cashing paychecks at check-cashing locations. Those funds could instead be put towards savings accounts, college savings plans, or other important financial goals.
To learn more about the program, contact us at BankOnBoston@boston.gov or 617-918-5315.