Local Initiatives Benefit Everyone:

State of Florida benefits include:
• More disposable income for Floridians to spend in Florida rather than with out of
state alternative service providers
• Less need for already-strapped human services dollars

Community benefits include: 
• Decreased crime rate since residents no longer keep cash at home
• More opportunities for asset building service providers to improve their clients’ financial stability
• Overall community economic vitality since citizens are more economically stable

Financial Institution benefits include:
• Access to the untapped market of the un- and under-banked

Individual Floridian benefits include:
• More disposable income, protected income, and increased wealth-building

More Information…

Bank On Florida is an initiative of the Florida Prosperity Partnership (FPP) to support and foster the creation of local Bank On Initiatives throughout Florida. In December 2010, the FPP convened stakeholders from across the state and the country to build an advisory council and several committees for the development of Bank On Florida. This impressive group is dedicated to helping the residents of Florida increase their disposable income, protect it, and increase their wealth-building opportunities.

More than half a million households in Florida are unbanked and well over a million households are underbanked. Bank On Florida wants to help those families enter into a prosperous relationship with a financial institution. A successful relationship starts when a financially educated client is able to choose from a variety of checking and saving accounts being offered by banks and credit unions that care about the communities in which they operate.

Why are Bank Accounts Important?

  • $8 billion is spent annually in fees to alternative servicers (includes pay day loan fees)
  • Average charge for cashing paycheck-$40 ($1000-$2000 annually for check cashing services)
  • Low wage worker who never utilized mainstream financial services over a 40 year full time work history would spend $40,000 on check cashing services
  • If the $40,000 had been regularly invested in savings bonds, it could equal as much as $200,000 at retirement!
  • According to Consumer Federation of America, a low wage worker (or anyone utilizing pay day loan services) that has a $500 SAVINGS ACCOUNT with a Bank or Credit Union is EIGHT TIMES less likely to utilize a pay day loan or cash advance service
  • The “unbanked” pay 1-10% of their salaries for check cashing services
  • “Pay day” loans cost workers 50 to 400% interest

Statistics are Boring!
Why Should I Open An Account?

Simply put, it saves you money! With accounts that have no or low fees available to most people, you can give yourself a raise by not using check cashing services. Learn more about how to Get Started!

Top Reasons to Open an Account at a Bank or Credit Union:

• No or low minimum opening balances and monthly balances
• No or low maintenance fees
• Direct deposit of paychecks or monthly benefit checks
• Free ATM/debit cards – quick access to your money
• Online banking
• Money management education
• A Second Chance Program if you have a troubled banking past
• Safety from natural disaster and theft
• Your money is Federally insured so you know it will always be there
• It saves you money!