Bank On Rockford is the first comprehensive program in Illinois to serve the "unbanked," those who live without access to mainstream financial institutions and are forced to rely on expensive check-cashing services. In September 2009, Treasurer Alexi Giannoulias challenged local financial institutions to partner with the City of Rockford and help remove barriers that have historically kept the unbanked out of the financial mainstream. The Treasurer's Office worked with local community organizations, banks, and credit unions to develop a program that would:
- change bank products and policies to increase the supply of starter account options for this market;
- raise awareness among consumers about the benefits of account ownership;
- provide qualified Rockford-area residents with the opportunity to open low-cost, starter bank accounts; and
- provide quality financial education to Rockford-area residents, to help them start saving for the future.
Now, every Rockford-area resident has the chance to open an account with the bank or credit union that works best for them, and to start saving for the future. Our goal is to open 1,000 new accounts by October 2010, and put thousands of families on the road to financial security.
