WASHINGTON–Saying it is part of its ongoing work to expand financial inclusion to unbanked individuals and families, the Federal Deposit Insurance Corporation (FDIC) said it will expand its #GetBanked public awareness campaign into the Los Angeles, Dallas, and Detroit metropolitan areas.
The agency said its #GetBanked campaign is focused on areas where research finds that a significant number of Black and Hispanic households are unbanked.
“The goal of this targeted campaign is to encourage unbanked consumers to consider opening a checking account,” the FDIC said. “Many banks offer a variety of accounts, including low-cost accounts.”
Last year, the FDIC launched this campaign in Atlanta and Houston.
Through a series of English- and Spanish-language digital, audio, and video advertisements, the FDIC said it hopes to reach unbanked consumers, particularly during the tax filing season, when they can benefit from early and direct deposit of their refund.
The Last Mile
“This campaign is a vital part of our work to reach that last mile of the unbanked,” said FDIC Chairman Jelena McWilliams. “Having a basic checking account can be an important first step to becoming part of the financial fabric of this country.”
According to the FDIC’s How America Banks biennial survey, the average percentage of unbanked minority households is significantly higher than non-minority unbanked households:
The FDIC said it offers consumers a wealth of resources to help them choose the best account to meet their needs, including guidance on how they can find low-cost bank accounts. A comprehensive #GetBanked toolkit, including digital advertisements, audio/visual, and other resources, can be found at FDIC.gov/GetBanked and in Spanish at FDIC.gov/GetBanked-esp.
The FDIC added its efforts to expand access to affordable accounts dates back more than a decade. In 2010, the agency began to help identify transaction and savings accounts that were transparent, affordable, sustainable, and insured by the FDIC (i.e., Model Safe Accounts).
Since its inception in spring 2020, there have been more than 1.4 million visits to the FDIC’s #GetBanked webpage, the agency reported.
NCUA Board Members Praise Outgoing FDIC Chair
Separately, NCUA Chairman Todd M. Harper, Vice Chairman Kyle S. Hauptman, and Board Member Rodney E. Hood issued the following statements in advance of McWilliams stepping down as FDIC Chairman on Feb. 4:
“Chairman McWilliams’ inspirational personal story and service to the American people is nothing short of admirable,” said Chairman Harper. And during the last decade, I have seen firsthand the expert knowledge, considerable skill, and strategic insights she provides in debating issues and making decisions. Her stewardship at the FDIC during the COVID-19 pandemic also contributed to a stable banking system in an unprecedented economic environment. I wish her all the best in her future endeavors.”
“Jelena McWilliams is a friend and a brilliant public servant,” said Vice Chairman Hauptman. “She is also an inspiring example of the American dream, an immigrant from a statist regime who then achieved here at the highest levels. I wish her well in her future endeavors, and I’m confident that her character, work ethic, and intelligence will continue yielding impressive accomplishments.”
Added Board Member Hood, “Jelena McWilliams played a pivotal role in creating an effective regulatory environment for the U.S. banking system. During the unprecedented coronavirus pandemic, Jelena provided steadfast and thoughtful leadership. The FDIC thrived under her tenure and renewed its focus on the importance of diversity, equity, and inclusion. And, she gave second chances to those convicted of long ago minor criminal offenses so that these Americans can have another opportunity to work in the banking sector. I enjoyed serving alongside Jelena as members of the Financial Stability Oversight Council and the Federal Financial Institutions Examination Council. I thank her for her friendship and service, and I wish Jelena the very best in all her future endeavors.”