News from City Hall
City Communications Office
City of Kansas City, Mo.
CONTACT: City Communications Office, 816-513-1349
FOR IMMEDIATE RELEASE: May 31, 2011
City co-launches Bank On Save Up Kansas City initiative
Kickoff picnic to include free food, entertainment, cash prizes
The City of Kansas City, Mo., will co-host a public picnic to launch the Bank On Save Up Kansas City initiative on Saturday, June 4 from 10 a.m. to 2 p.m. at Ilus Davis Park, 11th and Oak streets.
Bank On Save Up Kansas City is a new, free initiative that will help Greater Kansas City’s unbanked or underbanked households open checking and personal savings accounts; build a credit history; gain access to lower-cost sources of credit; and invest for their future. The City, along with area financial, government and non-profit offices, have partnered to make this program a reality.
“A city receives its greatest return when it gives its citizens the tools to help themselves,” said Mayor Pro Tem Cindy Circo. “Having Kansas Citians engaged in the financial marketplace makes for a more productive and engaged community. We are proud to play a role along with our banking and community partners.”
The June 4 picnic will provide free food/refreshments, fun family activities, live entertainment, games, cash prizes and free parking. Among the games will be a “cash cube,” a money machine attendees can enter for their chance to grab and win cash on the spot.
Greater Kansas City residents in attendance can also register for Bank On Save Up Kansas City.
Bank On Save Up Kansas City will assist unbanked residents open specially-designed starter bank accounts while providing free opportunities for financial education. Currently, 18 bank and credit union locations throughout Greater Kansas City have joined this endeavor.
The financial education offered will include a series of two-hour financial education workshops, quarterly newsletters, community resources and a financial assistance hotline. Experienced staff from area nonprofit agencies will teach the financial education workshops.
Bank On Save Up Kansas City aims to open 3,000 new accounts over a two-year period, one-third of which will be new savers. It also aims to keep at least 80 percent of those bank accounts open after one year.
The City coordinated the launch in conjunction with the Federal Reserve Bank of Kansas City and the Federal Deposit Insurance Corporation.
The Bank On Save Up Kansas City initiative results from a partnership among the City and the United Way of Greater Kansas City, United Way of Wyandotte County, Federal Reserve Bank of Kansas City, Federal Deposit Insurance Corporation, Missouri Credit Union Association, America Saves, area financial institutions, community organizations and other local government offices.
Greater Kansas City residents interested in participating in the program can sign up and find a participating bank by calling the United Way at 2-1-1.
For more information about Bank On Save Up Kansas City, visit http://www.bankonsaveupkc.org.
For media inquiries, please contact Thalia Cherry, Office of Civic and Community Engagement, 816-513-1378.