The facts

100,000+ St. Louisans*

Lack Safe, Affordable Bank Accounts

• 3.4% of all residents across the Greater St. Louis area do not have bank accounts.
• 17.5% of African Americans across the Greater St. Louis area do not have bank accounts.
• Nationally, approximately 12 million adults do not have bank accounts (are ‘unbanked’); another 24 million have a bank account but still use other expensive financial services for some transactions (are considered ‘underbanked.’)

* St. Louis Metropolitan Statistical Area—generally, the bi-state area.

Why it’s an issue

Tremendous Costs

of not having a bank account

• The use of alternative financial services, like check cashers and payday lenders for routine financial transactions, can cost up to $1,200 per year or $40,000 over a lifetime!
• Without a bank account, individuals lack immediate access to funds provided by direct deposit, such as from employment, stimulus checks, child tax credits, unemployment).
• Those without bank accounts have a harder time saving, reducing debt and improving credit scores.
• Without a safe place to deposit money, people without bank accounts are more likely to be victims of crime because they often carry large sums of cash or keep cash in their homes.

The Solution

Safe, Affordable,

Certified Bank-On Save-Up Accounts

Bank-On Save-Up certified accounts are ideal if you’ve never had a bank account, or as a “second chance” account.

• Certified Bank-On Save-Up accounts are affordable, at $5 or less per month, with no unpredictable fees. 
• Certified Bank-On Save-Up accounts do not allow overdraft or non-sufficient funds fees, so you’ll never be hit with a surprise fee.
• Certified Bank-On Save-Up accounts always allow free deposits, free withdrawals, and free bill payments.