Initiative Overview: Bank on DC is the first comprehensive program in the District of Columbia to serve the "unbanked," those who live without access to mainstream financial institutions and are forced to rely on expensive check-cashing services. In October 2009, City Administrator Neil Albert, Deputy Mayor Valerie Santos, and DISB Commissioner Gennet Purcell challenged every local financial institution to partner with the City and help remove barriers that have historically kept the unbanked out of the financial mainstream.

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  • Change bank products and policies to make sure everyone in DC has the opportunity to open low-cost, starter bank accounts; 
  • Raise awareness among consumers about the benefits of having an account;
  • Provide quality financial education to District residents, to help them start saving for the future
  • Engage with institutions to promote use direct deposit among their employees

Now, everyone in DC 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 10,000 new accounts and establish 10,000 direct deposits by the end of 2010, and put thousands of families on the road to financial security.

Objectives: The District of Columbia needed to establish an high profile online presence with two primary goals:

1. Serve as a centralized resource and clearinghouse of information about Bank on DC for financial institutions, community partners, and consumers.
2. Provide individuals across the city with access to an engaging and effective financial education platform  that was aligned with the goals of Bank on DC which include assessing the impact of financial education.

Outcomes: FELA delivered a turnkey financial education solution that helped DC launch Bank on DC and build on its success.

• FELA worked closely with the District of Columbia to develop a comprehensive web presence for Bank on DC. Not only did this effort include the developing the main website for Bank on DC, www.bankondc.org, but FELA also delivered on the call for a scalable, online financial education platform.
• FELA created a private label version of LifeCents^TM, a proprietary financial education application from FELA, that has become the designated online financial education resource for the citywide Bank on DC initiative. Learn more about LifeCents^TM
• Soon after the launch of the financial education website for Bank on DC, the District of Columbia expanded the use of FELAs online financial education platform to be part of the Summer Youth Employment Program (SYEP). The SYEP is the second largest initiative of its kind in the country.