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Our members also offer services and educational resources that help empower people and families to improve their financial capability, health and independence.
Our partners offer services and educational resources that help empower people and families to improve their financial capability, health and independence.
It is important that community members have access to resources that help lay a solid foundation for banking and financial empowerment.
Unbanked households have neither a checking nor a savings account with a mainstream financial institution like a bank or credit union.
The national average is 6.5%, but Louisiana is more than double that rate at 14.8%.
People without an account are more likely to pay higher fees for financial services and tend to be more vulnerable when financial emergencies happen. Nowhere are the rates of unbanked households higher than in the Deep South. These rates, particularly among historically underserved populations, highlight the importance of having depositories in low-income communities that are equipped and staffed with the product mix to serve local people.
Underbanked households use alternative financial service providers like auto title lenders, check cashers, pawn shops, payday lenders, and rent-to-own stores. These businesses typically charge high fees for their services and deplete income and wealth.
Bank On SWLA is proud to be part of the national Bank On movement, made up of over 75 similar local coalitions across the country.
The nonprofit Cities for Financial Empowerment Fund (CFE Fund) is the national partner for local Bank On coalitions, supporting local efforts through resources like the Bank On National Account Standards and accompanying certification, grant support to build local coalition capacity, and a robust learning community. The CFE Fund also works to give voice to local coalition experiences by informing both federal regulatory policy and financial institution practices.
Banks and credit unions across Southwest Louisiana offer low-cost, low-fee transaction accounts that are certified as meeting the Bank On National Account Standards. The accounts listed below feature online banking, bill pay, mobile deposit, debit card usage, direct deposit, and more. An overview of each account is provided below and you can visit each account details page for more information. Some accounts can only be opened in-branch while others offer an online option for opening.
