The Kentucky Financial Empowerment Commission launches the Kentucky Bank On Network

Banking initiative launched with two leading financial empowerment organizations

Today, the Kentucky Financial Empowerment Commission in Frankfurt, together with United Way of the Bluegrass and Bank On Louisville, announced the formation of the Kentucky Bank on Network (KBON). KBON is a nationwide partnership dedicated to improving the accessibility of banks and accounts for individuals and businesses across the Commonwealth. The Federal Deposit Insurance Corporation’s How America Banks Survey found that nearly eight percent of Kentuckians are unbanked, higher than the national average of six percent.

“I’m thrilled to bring Bank On Network to the Commonwealth. For many individuals and businesses, being banked is the first fundamental step on their journey to financial empowerment,” said KFEC CEO Matt Frey. “Through the Bank On Network, organizations and financial institutions have a great opportunity to improve their communities.”

KBON members include organizations dedicated to improving account access in Kentucky. Partners can learn from each other to build Bank On across Kentucky. Most importantly, KBON will improve account access for those in need.

“The United Way of the Bluegrass (UWBG) recognizes that increased access to secure, affordable, mainstream banking services will help Kentucky residents be less reliant on alternative financial services, such as payday loans, which typically incur fees that a cost the average unbanked person about 5% of their lifetime income,” said Eli Yussuf, manager of grants and advocacy at United Way of the Bluegrass. “That is income that can be used for savings or essential expenses. Through Bank On, UWBG leverages its partnerships with local nonprofits, financial institutions and governments to ensure fewer Kentuckians spend their hard-earned cash on unnecessary fees.”

“Access to banks is the cornerstone of financial empowerment and economic mobility opportunities for residents,” said Erin Waddell, co-chair of Bank On Louisville Achieve Financial Stability and Build Wealth.”

Click here to learn more about the Kentucky Bank On Network here.

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About the Kentucky Financial Empowerment Commission
KFEC promotes financial empowerment for all Kentucky residents. The commission serves six focus groups: Kentuckians with disabilities, aging Kentuckians, government employees, low-income families, students, and veterans and military personnel. To learn more about the Kentucky Financial Empowerment Commission, visit KYFEC.org.

About the United Way of the Bluegrass (UWBG)
UWBG expands access to programs that provide educational, financial and basic needs resources to Central Kentucky residents, thereby maximizing the impact those programs have on the communities they serve. During fiscal year 2020-21 (July 1 through June 30), UWBG funded 81 programs administered by 61 nonprofit partner agencies that collectively served over 120,000 individuals. These programs provided a wide range of essential services, from childcare, tutoring and job placement to financial assistance and food distribution. UWBG also manages internal programs that provide a range of services from free tax prep assistance (CKEEP) to a 24/7 social services hotline (2-1-1). Our grantmaking focus is to holistically strengthen family unity by supporting an ecosystem of programs that collectively address the immediate and long-term needs of families. visit uwbg.org for more informations.

About Bank On Louisville
Launched in 2010, Bank On Louisville is a collaborative partnership between local governments, financial institutions and community organizations working to improve the financial stability of unbanked and unbanked residents in our Louisville community. To date, Bank On Louisville has helped more than 47,000 residents maintain secure and affordable bank accounts and provided quality financial education to more than 25,500 residents. visit www.bankonlouisville.org for more informations.

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