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Bank on Denver

WHAT IS BANK ON DENVER?

The Bank on Denver program will connect unbanked and underbanked Denver residents to local banks and credit unions to ensure that residents have access to products and services that allow them to maximize opportunities for building assets and improving financial stability. The City and County of Denver is working with partners in the private, public and non-profit sectors to develop and implement a Bank on Denver program. The participation of financial institutions and community organizations will be critical to the initiative’s success.

Bank on Denver is modeled after the successful Bank on San Francisco program, which began in 2006 and in its first year brought in over ten thousand new accounts. Over 170 bank and credit union branches are participating in Bank on San Francisco. The “Bank On” concept is now being replicated throughout the US. The National League of Cities has created “Bank on Cities” to provide program information and assistance to 60 cities and states.

WHY BANK ON DENVER?

In 2006, Denver residents spent $26 million on payday loan and check cashing fees. The average full-time worker who is not using a bank or credit union will spend $40,000 over a lifetime to turn his or her salary into cash, which translates into an enormous lost opportunity for saving and asset building.

Although a lack of financial education was identified as a major challenge in Denver, research shows that a combination of apprehension, credit issues and lack of suitable products discourages unbanked and underbanked citizens from fully utilizing banks and credit unions.

Bank on Denver will connect unbanked residents to mainstream financial services by:

Developing new and enhancing existing banking products that appeal to and meet the market demand of potential customers who are currently unbanked or underbanked.
Attracting the attention and business of these customers through innovative marketing strategies, outreach techniques, service bundling, and co-location tactics.
Increasing consumers' desire to begin and maintain relationships with banks and credit unions by improving their financial knowledge and awareness.

MORE INFORMATION

Bank on Denver plans to launch in 2010. The Bank on Denver Business Plan is available for download here. If you would like to participate in this event or for additional information, please contact Katherine O’Connor at the Denver Office of Economic Development at katherine.oconnor@denvergov.org or 720.913.1528.

The following partners are currently working with the City and County of Denver to plan the Bank on Denver program:

Colorado Bankers Association
Credit Union Association of Colorado
Federal Reserve Bank of Kansas City, Denver Branch
Independent Bankers of Colorado
Mile High United Way

The City and County of Denver received an award for technical assistance from the National League of Cities to develop and implement the program. We are grateful to those who supported our application for this award:

Asian Chamber of Commerce
Catholic Charities of Denver
Colorado Center on Law and Policy
Center for Work Education and Employment
Denver Foundation
Denver Human Services
Denver Office of Strategic Partnerships
Goodwill Industries of Denver
Metropolitan State College of Denver
Rocky Mountain MicroFinance Institute
Young Americans Center for Financial Education
YouthBiz

WHY BECOME A FINANCIAL PARTNER?

Our goal is to bring at least 20% of the estimated 36,000 unbanked households in Denver into the financial mainstream by helping them to open low-cost, starter bank accounts. To accomplish this goal, we are turning to financial institutions in the City to demonstrate leadership and to help remove the barriers that low-income families face in opening a bank account.

By partnering with us, financial institutions can expand marketing in targeted, low-income neighborhoods and increase the visibility of appropriate products in Denver. By working with nonprofits in Denver, Financial Partners will be able to identify customers and develop new strategies to reach unbanked customers.

As a Financial Partner, you can:

Participate in developing the Bank on Denver product.
Help bank the unbanked by offering the Bank on Denver product at your Denver locations.
Participate in Bank on Denver outreach events.
Partner with a community organization of your choice.
Hold a financial training seminar for community organizations.
Include Bank on Denver information in your mailings and newsletters.
Display posters and other materials in public spaces.
Place a link on your Web site to the Bank on Denver website.

Bank on Denver plans to launch in 2010. We will convene potential Community Partners and Financial Partners for the first time in mid-2009. If you would like to participate in this event or for additional information, please contact Katherine O'Connor at the Denver Office of Economic Development at katherine.oconnor@denvergov.org or 720.913.1528.

WHY BECOME A COMMUNITY PARTNER?

We know our success rests on our ability to reach unbanked Denver residents through the networks they trust, like employers, places of worship, community agencies, and local colleges. Bank on Denver can provide connect your organization's clients to training and banking opportunities. In turn, your organization can help connect us with unbanked Denver residents looking to take the first step on the road to financial security.

As a Community Partner you can:

Participate in developing the Bank on Denver product.
Invite a Bank on Denver bank or credit union of your choice to partner with your organization.
Create an action group to encourage members of your community to enroll in financial education, open checking accounts, or start savings plans.
Include Bank on Denver information in your mailings and newsletters.
Display posters and other materials in public spaces.
Place a link on your Web site to the Bank on Denver website.

Bank on Denver plans to launch in 2010. For additional information, please contact Katherine O'Connor at the Denver Office of Economic Development at katherine.oconnor@denvergov.org or 720.913.1528.

RESOURCES

General Information
Bank on Denver Business Plan
Overview of Denver’s Financial Services Market

Marketing & Outreach
Bank on Denver Marketing and Outreach Subcommittee Goals
NLC Marketing and Outreach Memo
NLC Marketing Budgets Memo
NLC Marketing Call Summary
Article: City's Poor Still Distrust Banks
BOSF Focus Group Findings
BOSF Marketing - Reaching the Unbanked
CFSI Preferences for Financial Services Providers
CFSI Consumer Fact Sheet
BOSF Marketing Strategies
Bank on Cities Websites
FDIC Denver Deposit Market Share Report
CO Attorney General Lending Data Summary
CO Attorney General Payday Lenders Report
CO Attorney General Small Installment Lenders Report
CO Attorney General Supervised Lenders Report
Bank on Savannah Marketing Budget
Bank on St Pete Marketing Budget
Community Voices Program Description
Bank on Seattle Sponsorship Plan
Bank on Seattle Sponsorship Fee Structure
Bank on Savannah Sponsorship Levels

Tracking & Evaluation
Bank on Denver Tracking and Evaluation Subcommittee Goals
NLC Tracking and Evaluation Memo
NLC Financial Education Memo (Tracking Section Highlighted)
NLC Tracking and Evaluation Sample Efforts
Bank on LA Referral Sheet
Bank on Philly Post-Education Survey
Bank on Philly Pre-Education Survey
BOSF Tracking Protocol
Bank on LA Evaluation Plan
Bank on LA Intake Form
Bank on Evansville Aggregate Report Template
Bank on Evansville Quarterly Report Template
Bank on CA Account Tracking Template
Bank on Seattle Tracking Form