About Bank on Denver

An estimated 36,000 Denver households don’t have bank accounts.  In 2006, Denver residents spent $26 million on payday loan and check cashing fees. The average full-time worker who is not using a bank or credit union will spend $40,000 over a lifetime to turn his or her salary into cash, which translates into an enormous lost opportunity for saving and asset building. 

Estimates suggest unbanked families spend approximately 5% of their annual incomes just to manage their basic finances. In addition, a bank account is the first step to financial security, and provides the necessary tools to climb the economic ladder. With no safe way to access and save money, unbanked Denver residents are particularly vulnerable in times of crisis or emergency, and lack the necessary tools to save and build assets.

Although a lack of financial education has been identified as a major challenge in Denver, research shows that a combination of apprehension, credit issues and lack of suitable products discourages unbanked and underbanked citizens from fully utilizing banks and credit unions. 

Bank on Denver will increase residents' access to products and services that allow them to maximize opportunities for building assets and improving financial stability.  This will be accomplished through the following strategies:

  • Products: Promote low-cost banking products that meet the market demand of potential customers who are currently unbanked or underbanked.
  • Education: Empower consumers to make informed choices about financial services by improving their financial knowledge and awareness.
  • Outreach: Connect with potential customers through community partners acting as trusted intermediaries, innovative marketing strategies, outreach techniques, service bundling, and co-location tactics.

Sources: Basic Financial Services Estimates- Denver Profile, Brookings Institution, January 2008; Banking on Wealth: America’s New Retail Banking Infrastructure and Its Wealth-Building Potential, Matt Fellowes and Mia Mabanta, The Brookings Institute, January 2008.

UPCOMING EVENTS

Stay tuned for more events coming soon!

Denver Housing Authority 2015 Homeownership Fair
Saturday, June 27th
From 10am to 2pm
Mulroy Opportunity Center
3550 West 13th Ave.
Denver CO 80204
Free and open to the public!


Free Personal Financial Coaching
Denver's new Financial Empowerment Centers provide free, one-on-one financial counseling in English and Spanish, by trained professionals to low-income residents.  The centers will provide help with managing debt, dealing with debt collectors, improving credit, and more!  To schedule your appointment call (720) 944-2498
 

2015 Partners:

Alpine Bank
ANB Bank
Bank of the West
Denver Community Credit Union
Guaranty Bank & Trust Company
KeyBank
Solera National Bank
TCF Bank
Wells Fargo