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New EBR program to help people get bank accounts

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Posted: Jan 12, 2012 5:17 PM by Sarah Rosario
Updated: Jan 12, 2012 6:49 PM
Source: WBRZ

  Rating: 5.0 (1 vote)

Topics: bank on baton rouge, mayor kip holden, payday loans

BATON ROUGE - If you live in East Baton Rouge and don't have a checking or a savings account, a new program hopes to help you change that.

In a press conference Thursday, Mayor-President Kip Holden and 13 bank executives announced a partnership called "Bank on Baton Rouge. " It's a program that allows anyone to open a checking and savings account for free or at a reduced cost.

In Baton Rouge more than 12 percent of households rely on check-cashing or payday loan services as part of their finances. According the Holden, more than 25 percent of residents who have bank accounts still rely on those services.

One of the goals of the program is teach people financial stability. Participants can be dropped out if they show patterns of overdrawn or mismanaged accounts. Those who do well can be upgraded to a regular account within six months to a year.

To be apart of the program, all you have to do is find a participating bank or call 211 and ask for "Bank on Baton Rouge."

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