Bank On SWLA is a collaborative, voluntary initiative that will bring together financial institutions, community organizations, along with federal and state regulatory agencies to help the unbanked and underbanked of Southwest Louisiana.
This initiative was developed to help the unbanked community open starter bank accounts and enter the financial mainstream so that they can begin saving, building a credit history, and investing for the future.
Another main goal of the coalition is to provide financial literacy education and community resources to assist ALICE households to build a stronger foundation.
As a partner, you have leverage in your community.
To ensure growth, we need to depend on that leverage, by asking you to open NEW doors for Bank On SWLA to connect with prospective institutions to discuss the best way for each new prospect to become involved.
In order to achieve the program goals, we need your commitment to:
- Work collaboratively with the financial partnership of Bank On SWLA and the coalition’s financial institutions.
- Offer no or low-cost accounts wherein the monthly service fee is $10 or less.
- Offer an account with no monthly minimum balance requirement.
- Offer an account wherein the minimum opening balance requirement is $25 or less.
- Open transactional accounts (second-chance checking or second-chance checkless checking) for those with NSF/overdraft histories on ChexSystems of over one year. At its discretion, the financial institution may or may not provide a second chance transactional account to a customer with a prior NSF, overdraft or write-off history with its financial institution.
- Waive/Refund one set of NSF/overdraft fees per year upon client’s request and at the financial institiution’s discretion (strongly encouraged).
- Allow acceptable forms of ID, including the IRS Individual Taxpayer Identification Number (ITIN) as a secondary form of ID in lieu of Social Security numbers.
- Make Bank On SWLA marketing material available and visible at your institution, and (if able) include a link to the Bank On SWLA page on your institution’s site.
- Dedicate a point person as the Bank On SWLA ambassador at your institution/branch.
- Commit to work with Bank On SWLA to track accounts and deliver results on a quarterly basis (if applicable).
- Make a financial investment as required by United Way of Southwest Louisiana to cover marketing and outreach costs for Bank On SWLA.
Financial Institution Partner Commitment - $500
- Organization logo on the Bank On SWLA webpage
- Mention in all press releases about the Bank On SWLA initiative
- Opportunity to participate in events and promotions where Bank On SWLA has a booth or presence
- Opportunity to represent your institution by teaching financial education workshops
- Inclusion of your organization in Bank On SWLA printed materials
- Access to data from the Bank On SWLA campaign, which includes the impact of served Low to Moderate Income (LMI) individuals and communities in SWLA
- Opportunity to use Bank On SWLA logo in your ads and marketing materials