Bank On Savannah Campaign Rings Up Success

Business

5/27/2010 10:26:00 AM

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Bank On Savannah Campaign Rings Up Success
Bank On Savannah, a campaign to encourage low-income individuals to open bank accounts, announced it exceeded its goal to bank 1,000 residents over the last year.

The campaign targeted families that rely on high-cost financial services, such as check cashers, by providing access to low-cost checking accounts offered at participating area banks. The Bank On Savannah initiative offered accounts with incentives such as opening balances of less than $100, no monthly maintenance fees, and access to individualized free financial education.

Since April 2009, when the campaign was launched, more than 3,000 individuals participated in free financial education workshops offered by partners Consumer Credit Counseling Service at a variety of locations, including Live Oak Public Libraries, while 1,011 new accounts were opened during the course of the year.

Eleven institutions participated in the initiative, spearheaded by the City of Savannah's Banking Taskforce, Step Up Savannah, FDIC and the Federal Reserve. Georgia's Own Credit Union offered an Alternative Rapid Anticipation Loan at the City's free tax preparation sites this year as well. The United Way's 2-1-1 call center acted as an information resource for the campaign, directing callers to participating banks.

For more information about the Bank On Savannah campaign, contact Step Up Savannah at (912) 232-6747 or visit our Web site at www.stepupsavannah.org

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