Bank On Chicago

Bank-On-Chicago

Bank On Chicago is cooperative effort by the Chicago City Treasurer’s Office, local banks, and community partners to offer easy-to-access checking accounts for unbanked and underbanked individuals. Bank On Chicago creates an opportunity for first-time account holders to open a checking account at select branches of Chase, Harris, Citibank, Fifth Third, MB Financial, PNC/National City, Bank of America, Illinois Service Federal, Urban Partnership Bank, and the South Side Community Federal Credit Union. These checking accounts have low monthly fees, no minimum monthly balance, and free check cashing, which will lower the cost of banking for consumers that currently use unconventional financial service providers such as currency exchanges and check cashers.

Bank On Chicago Account

Financial Institutions participating in Bank On Chicago must offer products and services that meet the following minimum criteria:

  • Low or no monthly fee (less than $15 required)
  • Low or no opening deposit requirement (less than $50 required)
  • No monthly minimum balance requirement
  • Provide a pathway to a checking account for individuals withChex Systems records
  • Accept at least one form of alternative identification (for example, Foreign Passport, Mexican Consular Card, ITIN,etc.)
  • Free check cashing (at least two times per month)
  • Offer affordable bill payment options (less then $1.50 per bill)
  • Provide clear and brief explanation of banking basics and terminology in plain language
  • Offer Savings accounts – subject to eligibility requirements

Learn more at www.bankonchicago.com.