Program helps 10,570 open bank account 11.12.10

The Indianapolis Star

A program involving 19 local financial service providers and the mayor's wife, designed to help 80,000 residents without bank accounts, said Thursday that 10,570 had opened accounts.

Bank On Indy was created in October 2009 to give those residents access to low-cost and no-cost checking and savings accounts and free consulting.

Winnie Ballard, wife of Mayor Greg Ballard, and other organizers hoped to open 8,000 net accounts in the first year. According to the Federal Reserve Bank of Chicago, as of Sept. 30, Bank On Indy had exceeded that by more than 32 percent.

"Connecting people with traditional financial services is a critical first step toward financial stability for thousands of hard-working individuals and families in our city," Winnie Ballard said in a news release. "I am extremely pleased with the progress of Bank On Indy in its first year, and I am looking forward to entering the program's second year with so much positive momentum."
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