Bank On Greater Cincinnati is an initiative that has developed partnerships among financial institutions, community groups, and local government to connect “unbanked” consumers with mainstream financial services, including checking, savings, credit and financial education. This is a collaborative effort led by Mayor Mark Mallory and includes the mayor of Covington, Ky., and the mayor of Newport, Ky. The Federal Reserve Bank of Cleveland (Cincinnati Branch), and SmartMoney Community Services are serving as the fiscal agent.

“Together we can signifi- cantly increase the access to quality and affordable financial services in our region,’’ said Yolanda Waldon, Bank On Greater Cincinnati, Program Manager.

According to analysis by the Pew Charitable Trust, the Greater Cincinnati region holds approximately 42,000 “unbanked” households. They are living without access to basic financial services, such as a checking or savings account. Among African Americans and Latinos, about half of the adult population functions without a basic bank account. Without a safe place to cash their checks, pay their bills and keep their money, these citizens are forced to rely on high cost check cashers and other fringe financial service providers.

Nationally, there are as many as 28 million unbanked people. Moderate and lower income households pay more than $8 billion at check cashing outlets, payday lenders and pawnshops for basic financial services. These businesses charge an average of $40 per payroll check to cash a check from typical unbanked households with full-time workers, according to a Brookings Institute Research Brief.

The Bank On Greater Cincinnati will help families manage their money wisely and become financially fit. Participating financial institutions will offer a low cost checking account with a minimum balance requirement and alternate acceptable forms of identification. They will also provide an option for clients with a negative banking history to open an account.

Financial education is strongly encouraged and facilitated by community partners. The education will include a curriculum with the core components of Basic Banking, Managing Your Money, and Understanding Credit. Participating banks and credit unions are Central Bank & Trust, KeyBank, Cincinnati Central Credit Union, North Side Bank & Trust, Cincinnati Federal Savings & Loan, PNC Bank, CINCO Family Financial Center Credit Union, Republic Bank, Fifth Third Bank, The Bank Of Kentucky, First Financial Bank, U.S. Bank, Huntington Bank, WesBanco Inc, and Kemba Credit Union,

Participating financial education providers are Brighton Center, SmartMoney Community Service, Kentucky Catholic Charities, The Urban League of Greater Cincinnati, Northern Kentucky Community Action Agency, Working In Neighborhoods and Ohio State University Extension.

For more information on how you can get involved, please contact Yolanda Waldon, Bank On Greater Cincinnati Program Manager at ywaldon@smart-money. org or 513-241-7266 ext 104.