Bank On Boston
Many households in Boston do not have a checking or savings account. Instead, they rely on costly check-cashing and other alternative financial services. Opening a safe, affordable, non-predatory, and FDIC-insured checking or savings account is an important step toward improving financial wellness. Bank On Boston helps make that step easier. The Bank On National Account Standards help point residents to vetted accounts.
Why Bank On Boston
Bank On Boston is part of a national initiative that helps residents achieve economic mobility with better access to financial services at lower or no fees.
In addition to connecting residents with non-predatory financial services, Bank On Boston:
- increases trust in financial institutions
- raises public awareness of mainstream banking
- expands access to financial education, and
- connects residents to other programs of the Center for Working Families.
Approximately 10% of Boston households are unbanked. This means they do not have a checking or savings account. Twenty percent of households are underbanked. Underbanked households may have a checking or savings account but continue to use costly alternative financial services.
These financial challenges disproportionately affect low-income families in Boston and nationwide.
Boston’s Roxbury, Dorchester, and East Boston neighborhoods are in need of mainstream banking options. These neighborhoods have 57% of the City’s check-cashing locations, but only 12% of the City’s commercial bank branches.
A household with an income of $32,000 per year can spend up to $2,400 annually cashing paychecks at check-cashing locations. These are funds that could instead go to savings accounts, college savings plans, or other important financial goals.
Explore the Banking Access Map
Explore Bank On Boston's interactive Banking Access Map to see where financial services are located in the City of Boston.
Bank On Boston CoalitionCoalition Members
- Action for Boston Community Development
- American Consumer Credit Counseling
- Asian American Civic Association
- Bank of America*
- Berkshire Bank*
- Boston Builds Credit
- Boston Housing Authority
- Brookline Bank
- Center for Working Families (formerly the Office of Financial Empowerment)
- Change Machine
- Charlestown Adult Education & Charlestown Works
- Citizens Bank*
- City of Boston Age Strong Commission
- City of Boston Credit Union
- City of Boston Disabilities Commission
- City of Boston Economic Mobility Lab
- Community Allies, LLC
- Compass Working Capital
- Cooperative Credit Union Association, Inc.
- Credit Builders Alliance
- Dedham Savings*
- Division of Banks
- Dora powered by USALLIANCE Financial
- Eastern Bank
- FDIC Boston Alliance for Economic Inclusion
- Federal Reserve Bank of Boston
- Greater Boston Legal Services
- HarborOne Bank
- Hingham Institution for Savings
- Jewish Vocational Services
- JPMorgan Chase*
- Justice 4 Housing
- Local Initiatives Support Corporation
- M&T Bank*
- Massachusetts Bankers Association
- Massachusetts Educational Financing Authority
- Metro Credit Union*
- Metro Housing Boston
- Midas Collaborative
- NAMI Greater Boston Peer Support and Advocacy Network
- National Collaborative for Digital Equity
- Office of the Comptroller of the Currency
- One Percent for America
- Partners for Youth with Disabilities
- Partnership for Financial Equity (formerly Massachusetts Community and Banking Council)
- PNC Bank
- Project Citizenship
- Rockland Trust Company
- Santander Bank
- TCB The Cooperative Bank*
- TD Bank*
- United Way of Massachusetts Bay and Merrimack Valley
- Urban Edge
- USAlliance Federal Credit Union
- Webster Bank*