Bank On Alabama’s goal is to ensure that everyone has access to safe and affordable financial products and services. Bank On coalitions are local partnerships between municipal officials; city, state, and federal government agencies; financial institutions; and community organizations that work to improve the financial stability of unbanked and underbanked residents in their communities.
The Cities for Financial Empowerment Fund (CFE Fund) leads a national movement that supports local coalition efforts to expand banking access for consumers outside the financial mainstream, including through municipal infrastructure. The Bank On Alabama coalition is dedicated to improving the financial stability of Alabama. Below are guiding principles for the Bank On movement.
Consumers Should Have Access to Mainstream Banking Accounts
Financial Institutions Should Strive to Provide Accounts that Meet the Bank On National Account Standards
Financial Institutions and Policy Makers Should Minimize Barriers to Banking Access
Bank On Coalitions are an Effective Mechanism for Connecting Consumers with Bank Accounts
Government and Employer Integrations are the Best Approach to Achieving Scale
A Learning Community of Bank On Coalitions Drive Thought Leadership and Share Best Practices