Mayor Malik D. Evans launches Bank On Rochester

Mayor Malik D. Evans announced today the launch of Bank On Rochester, an initiative aimed at ensuring that all city families have access to safe, affordable and nationally certified accounts through bank or credit union nationally. The coalition aims to address the significant barriers faced by unbanked and underbanked residents, fostering greater financial stability and empowerment within the community.

“Financial stability is the foundation of economic mobility,” said Mayor Malik D. Evans. “The certified Bank On Rochester checking accounts provide families with the flexibility to direct deposit their paycheck, pay bills faster, and receive tax returns in a safe way.  “I want to thank our coalition partners for helping us create social and economic equity, which builds a safer, more prosperous city for everyone.”

The Mayor’s Office of Financial Empowerment has brought together 29 banks, credit unions and community-based organizations to discuss strategies to address financial exclusion, barriers to access and opportunities for providing low-or no-fee checking accounts. These accounts are crucial for individuals and families looking to establish a secure financial foundation.

Rochester has high rates of residents who are unbanked or underbanked, with the issue significantly impacting Black and Latino communities. Many rely on alternative financial services such as check-cashing locations, prepaid cards, and payday lending, which are all more costly than traditional banking options. Nationally, data shows that the percentage of Black and Hispanic families who lack full banking access is nearly three times higher than that of White families. The Bank On Coalition will connect individuals and families to certified checking accounts that are convenient, secure, and do not allow overdrafts.

City residents are encouraged to explore low- to no-fee checking account options available through the Bank On Rochester partners by visiting www.cityofrochester.gov/BankOn.