Bank on DC, a DC Department of Insurance, Securities and Banking program, is a collaborative effort between the district, financial institutions and non-profits, and education to un/underbanked* households in the DC Metro Area. DC is home to over 37,000 unbanked households and 72,000 underbanked households who frequently use expensive, unnecessary financial services such as check cashers.
Through financial education and enhanced access to needed financial products and services, Bank on DC provides economic mobility and wellness to individuals throughout the D.C.Metro region, helping thousands save money and build their financial future.
- Currently, Bank on DC has partnered with a number of banks and credit unions to offer Bank on DC accounts which have low to no minimum balance requirements, and have low cost monthly fees.
- Selected Bank on DC financial partners also provide “second chance accounts” for people with ChexSystems histories or accept secondary forms of ID, such as foreign documentation.*
Bank on DC Mission
Bank on DC aims to provide unbanked and underbanked individuals access to low-cost, safe financial accounts, products and services and high-quality financial education. In doing so, we help financial institutions reach new customers, community organizations build financial literacy, and help individuals save money on fees while securing savings for the future.
- Bank on DC has partnered up with many different financial institutions to offer no or low-cost accounts and low minimum balance requirements
- Nationwide, an estimated 20 million Americans are unbanked. Without a bank account, the average person will spend 5% of their income at check cashers each year.
- In DC, it is estimated that the unbanked/underbanked spend roughly $800/year in check cashing and money order fees. The unbanked are also disproportionately concentrated in Wards 1,4,7 and 8 where there are more check cashing outlets than banks or credit union branches.
- *36% of the District’s population translates to approximately 108,000-225,000 individuals (50,000-100,000 households)*Unbanked: Have no bank or credit union account*Underbanked: Have a bank or credit account, but use alternative financial services, such as check cashing, payday loans, rent-to-own, and/or pawn shops.
With assistance of our community stakeholders, Bank on DC conducts seminars and workshops on a wide range of financial topics such as:
- Setting financial goals
- Developing and handling a spending budget
- Choose financial products or services (based on saving and spending habits)
- Understanding and rebuilding credit
- Managing debt
- Financing higher education
- Investing and
- Saving to accomplish financial goals