Bank On Illinois is one of first state-wide programs in the U.S. to serve the "unbanked," those who live without access to mainstream financial institutions and are forced to rely on expensive check-cashing services. Beginning in October 2009, Treasurer Alexi Giannoulias has challenged financial institutions in various cities to partner with their local government leaders and help remove barriers that have historically kept the unbanked out of the financial mainstream. The Treasurer's Office works with local community organizations, banks, and credit unions to develop a program that:

• changes bank products and policies to increase the supply of starter account options for this market;
• raises awareness among consumers about the benefits of account ownership;
• provides qualified Illinois residents with the opportunity to open low-cost, starter bank accounts; and
• provides quality financial education to Illinois residents, to help them start saving for the future.

Now, Illinoisans will have the chance to open an account with the bank or credit union that works best for them, and to start saving for the future. If you’d like to learn more about Bank On Illinois in your city, please contact us.