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NEWS RELEASE  February 4, 2013
For Immediate Release For More Information:

Otis Monroe
773-315-9720
omonroe@themonroefoundation.org



City of Chicago Treasurer Stephanie D. Neely “Kicks-Off” Every Child Needs A Savings Account Campaign to Put 1000 Children (and their families)
In Savings Accounts

Consortium of Chicago area financial institutions join with The Monroe Foundation to promote basic financial services to unbanked and underbanked residents at “Kids Savings Day” Event

Chicago, IL (February 4, 2013) ––

City of Chicago Treasurer Stephanie D. Neely will join with The Monroe Foundation, a Chicago area community and enterprise development nonprofit and a consortium of financial institutions serving low-income communities of Chicago and surrounding communities, to launch a campaign to put 1000 children in savings accounts at an event that will be held on Saturday, February 9th, at the WVON Legacy Room, 1000 East 87th Street, with a press conference at 9:30a.m. The campaign is aimed at expanding financial access to underbanked and unbanked families and residents of Chicago’s Bank On target communities. Bank On Chicago communities are communities with high numbers of individuals and families that do not use traditional financial services or are banked but still use alternative financial services, such as currency exchanges or payday lenders.

Participating in the consortium are: Citi, Guaranty Bank, First Midwest Bank, Marquette Bank and PNC Bank.

According to the most recent FDIC data, one in every four households in the Chicago metropolitan area is currently unbanked or underbanked. “If your child can tell the difference between a one dollar bill and a one hundred dollar bill, it’s time to have that talk.”, says Treasurer, Stephanie D. Neely.  “Encouraging low-income families to open savings accounts for their children is our collective strategy with community partners and banks to encourage families to open accounts for themselves instead of cashing their checks and paying excessive fees and high interest rates of alternative financial service providers, and we are pleased that City of Chicago Neely, who leads Chicago’s Bank On Chicago program, is joining with us in launching this campaign” said Otis Monroe, CEO of the Monroe Foundation.

For more information about The Monroe Foundation, visit www.themonroefoundation.org or call 1-773-315-9720. # # #

The Honorable Stephanie D. Neely
Treasurer
City of Chicago