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Marquette Bank Works with The Monroe Foundation to Promote Kids' SavingsNeighborhood bank joins effort to encourage 1,000 low-income families to start saving for their children's future and schedules next event for Saturday, March 16, 2013
Orland Park, IL (March 8, 2013) – Marquette Bank, a locally-owned neighborhood bank, has partnered with The Monroe Foundation in a community collaboration to expand access of affordable savings options to low-income families in Chicago. The campaign, Every Child Needs A Savings Account, aims to open accounts for 1,000 children from low-income families by April 27, 2013 in Bank On Chicago target communities, which are communities with high numbers of unbanked and underbanked families and individuals. According to the most recent FDIC data, one in every four households in the Chicago metropolitan area is currently unbanked or underbanked. The program kicked off on Feb. 9, 2013 with City of Chicago Treasurer Stephanie D. Neely, who leads the Bank On Chicago initiative, and had over 100 children and their families participate in the launch. “Encouraging low-income families to open savings accounts for their children is our collective strategy and will help these families avoid excessive fees and high-interest rates of alternative financial services such as currency exchanges or payday lenders,” Otis Monroe, CEO of The Monroe Foundation, said. The next family savings event will be held Saturday, March 16, 2013 at the Marquette Bank branch located on 6316 S. Western Ave. in Chicago. Registration starts at 9 a.m. and ends at noon. The Monroe Foundation is offering $5 and Marquette Bank is offering up to $25 in savings matches for children opening new savings accounts during the event. “Marquette Bank has been working with The Monroe Foundation for years to expand access to financial services for low income-families. Our goal is to show people the advantages of using the traditional banking systems rather than alternative financial service providers like currency exchanges, pay day lenders or check cashers,” Manuel Jimenez, Vice President of Community Reinvestment for Marquette Bank, said. “It is critical to instill in children the importance of saving and our hope is that by offering savings accounts with no fees, low opening balance requirements, no minimum balance requirements and a savings match will encourage parents to open accounts for their children.” For more information about the Every Child Needs A Savings Account campaign or about the upcoming family savings event on March 16, call Marquette Bank at 773-918-4601.
Photo Caption: Marquette Bank financial representatives, Carla Foster and Darnell Estes took part in the Every Child Needs A Savings Account launch on Feb. 9 with a family savings event at the offices of WVON 1690 AM.
Photo Caption: City of Chicago Treasurer Stephanie D. Neely (third from left), Otis T. Monroe, CEO of The Monroe Foundation (second from the right), and Manuel Jimenez, Vice President of Community Reinvestment for Marquette Bank (first from the right), were on hand to launch the Every Child Needs A Savings Account campaign that aims to open 1,000 accounts for children from low-income families.
About The Monroe Foundation The Monroe Foundation, formed in 1991, is a publicly supported not-for-profit community and enterprise development organization that seeks to educate, link and fund community and economic development projects working within low-income communities in the State of Illinois. The Monroe Foundation provides program design and development in the areas of: literacy/education programs, housing/economic development, entrepreneurship and small business development. About Bank On Chicago Bank On Chicago is cooperative effort by the Chicago City Treasurer’s Office, local banks and community partners to offer easy-to-access bank accounts for unbanked and underbanked individuals. Bank On Chicago creates an opportunity for first-time account holders to open a checking account at participating financial institutions. These checking accounts have low monthly fees, no minimum monthly balance, and free check cashing, which lowers the cost of banking for consumers that currently use unconventional financial service providers such as currency exchanges and check cashers.
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