Bank On Boulder County

About the Program

Category: Human Services (Best in Category)

Year: 2018

The purpose of the Bank On Boulder County program is to bring the benefits of mainstream banking to the estimated 5,500 unbanked and 15,000 underbanked households in Boulder County. More than half of the unbanked population was formerly banked, and it is estimated that average fees of $42,000 were spent over the lifetime of an unbanked family. The project sought to overcome barriers of bank mistrust, high fees, negative overdraft experiences, and unpaid balances that precluded new account opening or actively using an existing one. Unique to this local model is the engagement of a “Champion” network of trusted client-facing human service professionals and financial counselors to identify and educate the unbanked/underbanked. Consistently engaging with the Champions about the growing menu of safe and affordable accounts for their clients identified through this project creates a wide net and an active awareness to seek out unbanked and underbanked clients, inform them about safe and affordable accounts and ‘welcome back’ options for those with past negative experiences or balances. Leading residents away from using cash, money orders, check-cashing, payday loans and other high-cost alternative banking options toward the safety of mainstream banking allows families to keep more of what they earn, regain confidence and further their financial stability.