The Waynedale News

In these tough economic times, we know that improving the economy must take a multi-faceted approach. It means growing jobs, attracting business and investment and inspiring development of our neighborhoods. It also means making sure that our residents have their financial support they need to succeed.

For that reason, the city is working in partnership with local banks, credit unions and community organizations to launch a new initiative called Bank On Fort Wayne. This new program will create opportunity for challenged, hardworking Fort Wayne residents, by allowing them to open free or no-cost accounts at local financial institutions. Participants will also receive training to enhance their long-term economic independence.

Bank On Fort Wayne is founded on the success of similar programs in Evansville, Indianapolis and 40 other communities around the country. I brought the idea to Fort Wayne as another way to strengthen the area's economy, promote workforce development and improve the financial health of households that have struggled.

Bank On Fort Wayne will give our hard working residents the tools to keep more of the money they earn, save for the future, and establish relationships with local banks. A resident can now keep what they earn and avoid check-cashing fees; maintain a safe place for their money, protecting it from theft or natural disaster; gain access to online banking and bill payment; form financial relationships for future loans; and more easily save money.

In turn, Bank On Fort Wayne will strengthen our economic foundation and ensure our city is attractive to the good jobs and businesses we need to thrive. Bank On Fort Wayne is an investment in the people of Fort Wayne, our community and our future.

The Bank On model is based upon the premise that access to mainstream financial services is a building block toward economic stability and asset growth for all individuals and families. Residents who face bank barriers often find themselves using check-cashing or payday-loan services that typically have high-percentage transaction fees. Individuals in these circumstances can be either unbanked or underbanked. Research data shows that as many as 33,000 Allen County households are in this category.

A true public-private partnership, Bank On Fort Wayne enjoys the engagement of more than a dozen local banks and credit unions.

Bank On Fort Wayne is unique in the world of Bank On programs because it is the only one in the nation's few that requires participants to enroll in educational workshops presented by community partners.

Residents interested in participating in the program can contact one of its education partners. That list currently includes 1st Source Bank; City of Fort Wayne Office of Housing and Neighborhood Services; Community Action of Northeast Indiana (CANI); Consumer Credit Counseling Services of Northeast Indiana, Inc.; Fifth Third Bank; Fort Wayne Urban League; Lutheran Social Services of Indiana; Pathfinder Community Connections and Purdue University Cooperative Extension Service.

After applicants have completed the educational sessions, they will receive a certificate that they can take to the participating bank or credit union of their choice to open an account.

Coordinated by the City of Fort Wayne, Bank on Fort Wayne is guided by a volunteer community steering committee composed of representatives from the partnering organizations.

I hope you will take the time to visit our website at www.bankonfortwayne.org for more information on Bank on Fort Wayne. Please pass this information on to anyone you think can benefit from the program.