Bank On initiative helped 1,000 residents open accounts

Bank On initiative helped 1,000 residents open accounts

CINCINNATI, OH (FOX19) - Mayor Mallory says the Bank On Greater Cincinnati Project has helped nearly 1,000 Cincinnati residents open new bank accounts.

The initiative is an alternative to payday lending services which can cost up to $900 a year in fees for the average user. The goal of the Bank On initiative is for those fees to become savings. Mayor Mallory says the best news is how many people are sticking with the program.

"We are helping move people into the financial mainstream so they can begin to save and build assets," said Mayor Mallory. "I want to thank all of our partners that help make this initiative so successful. Bank On will continue to help families establish bank accounts and receive strong financial education to help them manage their money."

The initiative launches in April of last year. Mayor Mallory says the new accounts now have an average balance of more than $400.

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