A program designed to expand financial inclusion to “unbanked” persons will be expanded to three more cities, the federal insurance program for bank deposits said Wednesday.
The Los Angeles, Dallas, and Detroit metropolitan areas will now be included in the program, the Federal Deposit Insurance Corp. (FDIC) said. The program is known as “#GetBanked.” The agency said the program is focused on areas where research finds that a significant number of Black and Hispanic households are unbanked.
The agency indicated that the three areas added to the program (which was piloted last year in the Atlanta and Houston metro areas) exhibited large numbers of unbanked households. The FDIC noted its research shows that the average percentage of unbanked minority households is significantly higher than non-minority unbanked households.
The goal of the campaign, the agency said, is to encourage unbanked consumers to consider opening a checking account. Many banks offer a variety of accounts, including low-cost accounts, the FDIC added.