Bank on Indy is an innovative public-private partnership that seeks to provide needed access to banking products, including savings and checking accounts, for the 79,800 “unbanked” citizens in Marion County. The goal is to educate and bring the unbanked into the financial mainstream as a first step toward financial independence, security, asset building and wealth generation.

Many Marion County families rely on payday lenders, check cashers and other high-cost fringe financial services for their banking needs. Bank on Indy aims to educate families and expand their access to free and low-cost bank accounts. Opening a checking account will build a better financial future for individuals and their families by helping them keep more of their paychecks, build savings and establish a credit history.

Bank on Indy was spearheaded by Indianapolis First Lady Winnie Ballard, who also chairs Indy’s Campaign for Financial Fitness (ICFF). That program, launched in late 2008, works to shape and maximize community resources to help low- and moderate-income Indianapolis residents to become more financially fit.

ICFF provided free tax preparation during the 2009 tax season at 10 community centers and continues to offer free ongoing workshops, one-on-one financial coaching and other financial education sessions at the city’s five Centers for Working Families.

Bank on Indy will help expand these existing financial fitness initiatives while working closely with the concurrent statewide Bank on Indiana campaign, which also launches in October.

Bank on Indy is a joint effort among:

• The City of Indianapolis, Office of Mayor Greg Ballard
• The Indianapolis Asset Building Coalition (IABC) – a volunteer coordinating entity comprised of more than 35 financial institutions, community-based organizations and social service providers working to increase financial literacy services and improve the financial well being of families in Indianapolis
• The Federal Deposit Insurance Corporation (FDIC)
• The National League of Cities
• The Federal Reserve Bank
• United Way of Central Indiana (UWCI)
• Central Indiana Community Foundation (CICF)
• Charles Schwab