A public and private initiative, Bank on Central Oregon is the first of its kind in Oregon to serve the "unbanked," those who live without access to mainstream financial institutions and are forced to rely on expensive check-cashing services.
In August 2009, Partnership to End Poverty joined with the Federal Reserve Bank
of San Francisco, local financial institutions and community organizations to
announce development of a program that would:
- change bank products and policies to increase the supply of starter account options for this market;
- raise awareness among consumers about the benefits of account ownership;
- provide Central Oregon residents with the opportunity to open low-cost, starter bank accounts; and
- provide quality financial education to Central Oregon residents, to help them start saving for the future.
Now, every resident in Central Oregon has the chance to open an account with the bank or credit union that works best for them, and to start saving for the future.
