State Treasurer Richard Mourdock Launches Statewide Effort to Reach 215,000 Plus “Unbanked” Hoosier Households

Initiative to assist with replicating current, local “Bank On” programs  

INDIANAPOLIS, IN – State Treasurer Richard Mourdock announced a statewide effort to get approximately 215,000 “unbanked” individuals who don’t have checking accounts connected to their local bank or credit union.        

“It is critically important that Hoosiers during these challenging economic times take advantage of the services provided by their local banks or credit unions and have the possibility of receiving additional, financial literacy training,” exclaimed Treasurer Mourdock. “In the long run, individuals who have a relationship with their local, financial institutions will reduce monthly expenses, save for their future, and establish a good and solid credit history.”

According to a recent study by the PEW Charitable Trusts, it has been estimated that the average, unbanked, Hoosier household spends roughly $1,100 dollars a year in check-cashing fees. In addition, these households are more likely to spend additional funds each year for money orders, bill pay services, and other transactional fees and services.

The vast majority of unbanked households are headed by or occupied by individuals who work full-time or have part-time employment. For various reasons, including misperceptions or lack of trust in financial institutions, these individuals don’t use their local bank or credit union. A successful Bank On program can overcome these and other barriers.

Bank on Indiana will, through various means including an interactive website, become the key source of information, along with the efforts of its steering committee members, to successfully replicate and expand current, bank on programs, which are currently running in the City of Evansville and the City of Indianapolis.          

“Our statewide initiative has been and will continue to be a collaborative effort among my office and the other members of the Bank on Indiana Steering Committee,” stated Treasurer Mourdock. “I truly appreciate all of their efforts and insight during this process.” 

Also in attendance were Mayor Jonathan Weinzapfel of the City of Evansville and the First Lady of Indianapolis Winnie Ballard who gave quick updates about their own cities’ local, bank on programs.