Bank on Carbondale

Mayor Brad Cole formally launched Bank On Carbondale today, aiming to sign up Carbondale-area residents for free and low-cost bank accounts. The City of Carbondale partnered with the Illinois State Treasurer’s Office to bring the nationwide “Bank On” program to Carbondale. The Bank On initiative helps millions of working families open bank accounts so they can begin saving, build a credit history and invest for their future.

There is an estimated 368,600 households in the state of Illinois with no checking or savings account – including 50% of low to moderate income African-Americans. Hundreds of Carbondale households currently rely on check-cashers, payday lenders and pawn shops to cash checks, to pay bills, and borrow money. Unbanked families, who are already struggling to make ends meet, are paying up to $75 a month to cash payroll checks, relying on pawnshops that charge high interest rates for loans, and unsafely storing cash in their homes.

“Bank On Carbondale will help our residents get a fresh start on building a stronger financial future. Because of Old National Bank’s commitment to impacting lives and strengthening communities, we are now helping create these programs in nearly a dozen cities and towns. We’re especially proud to partner with Mayor Cole and our community’s financial institutions and community organizations in launching Bank on Carbondale,” stated Jeff Speith, the President of Old National Bank in Carbondale.

Banks and credit unions, many of which already have starter or second chance account products, will benefit from the consolidated marketing and new customer base. Most unbanked households already have financial profiles that are acceptable to banks and credit unions. Almost all unbanked individuals have a steady job, 64% of unbanked individuals work full-time and 25% work part time.

"The Bank of Carbondale has worked to serve the unbanked in our community. We believe the Bank On Carbondale program will be a benefit to those individuals currently not utilizing a financial institution," Robert Bleyer, the President of The Bank of Carbondale, said.

Bank On Carbondale partners will identify people who lack accounts, don’t have Social Security numbers, or have negative (but not fraudulent) credit histories. Bank on Carbondale partners accept alternative identification including: Mexican Matricula Consular or Guatemalan Consular identification card, ITIN, or foreign passport.

The San Francisco Treasurer’s Office launched the first Bank On program in 2006. Bank On San Francisco has already opened accounts – with an average balance of almost $1,000 – for over 31,000 residents, almost 40 percent of its unbanked population. Carbondale is one of more than 50 cities to duplicate the city program, while Illinois and California are the first two statewide campaigns to date.

“The people in Carbondale who have the least amount of money are spending the most on banking. Our goal is to help people save money for a better future,” said Mayor Brad Cole.

Bank On Carbondale also provides free financial education courses to help community members gain the tools they need to make the most out of their accounts and start saving for the future. The first of these courses will be held in the Civic Center on Wednesday, April 21, at 5 pm in Room 116/118. The workshop is free to all community members, but space is limited.

For more information on Bank On Carbondale or to reserve a space at one of our financial education workshops, visit www.explorecarbondale.com/bankoncarbondale or call (618) 457-3226.

Bank On Carbondale Partners

Financial institutions offering free or low-cost accounts:
The Bank of Carbondale
Banterra Bank
First Southern Bank
Old National Bank
Regions Bank
SIU Credit Union

Financial education partners offering free money management classes:
Alpha Kappa Psi

Outreach partners who can answer questions and offer referrals to Bank On Carbondale participants:
Boys and Girls Club of Carbondale
Carbondale Chamber of Commerce
Carbondale Main Street
United Way of Southern Illinois