To many, a bank account is a formality; something required for direct deposit or paying bills. However, for individuals with little cash flow, such an account seems like a hassle, even unnecessary. The truth is bank accounts not only save users money, they allow them to build for the future. To help the unbanked and underbanked people of Chicago, the city has launched a Bank On Chicago initiative, which will encourage and give incentives for opening an account.
The goals of this work are to: reduce such individuals’ reliance on the alternative financial services sector; help reduce their exposure to high-cost financial transaction fees; increase their financial security; and enhance their ability to engage in long-term financial planning.
To learn more, please visit the Bank On Chicago website.