About Us – Bank On Chicago

Our Mission

Bank on Chicago is a program with a mission to empower individuals and families to improve their financial capability, health and independence. The program connects residents to safe and affordable accounts at our partner banks and credit unions in the Chicago area.

It is important that residents have access to resources that help lay a solid foundation for banking and financial empowerment. Our coalition is particularly focused on assisting youth, first-time job seekers, working families and individuals with disabilities to access financial services. Bank on Chicago offers educational resources, safe and affordable bank accounts and supportive financial services that can help pave the way to financial stability and open doors to having a stronger credit report, creating emergency savings, home ownership, and starting your own business. We also connect aspiring entrepreneurs and small business owners with safe, low-cost accounts at our partner banks and credit unions.

Our History

Started in 2017, Bank On Chicago helps connect consumers to safe and affordable banking products certified as meeting the Cities for Financial Empowerment Fund’s Bank On National Account Standards. With an unbanked rate of 7.5% and underbanked rate of 27.9%, the group identified strategies to increase collaborative efforts that would connect Chicago residents to safe and affordable mainstream financial products and services. This impressive group is committed to helping Chicago residents engage in the financial mainstream so they can increase their wealth-building opportunities.

Members represent community-based organizations, financial institutions and local government agencies that provide services and resources such as financial and entrepreneurial education, credit counseling, savings programs, banking series, credit repair, employment assistance, youth engagement and other financial empowerment programming.

“The COVID-19 crisis has highlighted the importance of banking access for the security of all Chicago residents. With unemployment filings reaching 44 million in Illinois in March and 40% of Illinois residents without emergency savings, lack of banking access is exacerbating the already difficult situation many Chicago families face. Unfortunately, the 14% of Chicago residents that are unbanked will likely have their Economic Impact payments delayed if they have not filed direct deposit information. Bank On Chicago is a resource that can help these families to access their funds and manage these better now and into the future.”

Tracy Frizzell – Executive Director, Economic Awareness Council

The National Bank On Movement

Bank On Chicago is proud to be part of the national Bank On movement, made up of dozens of similar local coalitions across the country.

The nonprofit Cities for Financial Empowerment Fund (CFE Fund) is the national partner for local Bank On coalitions, supporting local efforts through resources like the Bank On National Account Standards and accompanying certification, grant support to build local coalition capacity, and a robust learning community. The CFE Fund also works to give voice to local coalition experiences by informing both federal regulatory policy and financial institution practices.