Bank on Savannah is one of the first comprehensive programs in the United States to serve the "unbanked," those who live without access to mainstream financial institutions and are forced to rely on expensive check-cashing services. In April 2007, Mayor Otis Johnson and City Manager Michael Brown challenged every local financial institution to partner with Step Up Savannah and the City and help remove barriers that have historically kept the unbanked out of the financial mainstream. A banking taskforce led by BB&T Bank, Step Up Savannah, the City of Savannah, FDIC, the Federal Reserve Bank of Atlanta, the Clinton Foundation, the United Way of the Coastal Empire, and Savannah State University) worked with local community organizations, banks, and credit unions to develop a program that would:
Now, every Savannahian has the chance to open an account with the bank or credit union that works best for them, and to start saving for the future. Our goal is to open 1,000 new accounts and to financially educate 1500 individuals, thus putting hundreds of families on the road to financial security by the end of 2009.
- change bank products and policies to increase the supply of starter account options for this market;
- raise awareness among consumers about the benefits of account ownership;
- provide qualified Savannahians with the opportunity to open low-cost, starter bank accounts; and
- provide quality financial education to Savannahians, to help them start saving for the future.
