JPMorgan Chase Foundation and Cities for Financial Empowerment Fund announced on Wednesday the development of Bank On 2.0, a program aimed at providing the low-income and under-banked with safer, more affordable banking services.
Bank On 2.0 builds on the success of a number of other Bank On and similar banking access programs across the country. The program seeks to identify best practices, resources and other assistance that will help local communities connect unbanked and underbanked residents to mainstream banking services.
“Expanding access to the banking system is critical to helping people improve their financial stability and economic security,” Janis Bowdler, the managing director of consumer financial empowerment and affordable housing at the JPMorgan Chase Foundation, said. “We are excited to work with leaders across the U.S. to identify and scale solutions that work to help low-and moderate-income families make sound financial decisions and build their assets.”
CFE Fund President and CFE Coalition Co-Chair Jonathan Mintz said that while cities have the “unique” ability to solve problems for their residents in need, they would be unable to reach their goals without the support of groups and individuals hoping to make a difference.
“Thirty-five million people are managing their finances largely outside the financial mainstream, having to rely upon costly, fringe products and services to cash their paychecks and pay their bills,” Mintz said. “This makes it practically impossible to stabilize their family finances, let alone build their futures. With JPMorgan Chase’s tremendous support, and learning from a diverse and committed group of practitioners and funders, we will bring municipal banking access programs to their full national potential to address this significant and compelling challenge.”