Bank On NWI Spring Meeting Recap
The Northwest Indiana Reinvestment Alliance (NWIRA) recently participated in the Bank On NWI Spring Meeting, a gathering focused on expanding the coalition of community organizations, government agencies, and financial institutions committed to improving financial access for unbanked and underbanked residents across Northern Indiana.
What Is Bank On?
Bank On NWI is a local coalition built on a national initiative led by the Cities for Financial Empowerment Fund. The coalition connects residents to safe, affordable bank and credit union accounts while raising public awareness of financial empowerment resources. Bank On NWI is one of over 100 active coalitions across the country, with certified accounts now available at more than 46,000 branches nationwide.
The goal is straightforward: ensure that every resident has access to a safe, affordable mainstream account, eliminating the need for costly alternative financial services like check cashers, payday lenders, and pawn shops. Being unbanked can cost an individual up to $40,000 over a lifetime.
Currently, 5.6% of Northwest Indiana residents are unbanked.
What the Data Shows
At the Spring Meeting, county-level data highlighted how the program is making a difference.
Lake County reported 12,314 accounts opened as of December 31, 2024, with an average monthly balance of $931 per account. 42% of accountholders use direct deposit, 79% are engaged online, and the average number of withdrawals is 36 per month.
Porter County reported 2,176 accounts opened as of December 31, 2024, with an average monthly balance of $1,101 per account. 43% use direct deposit, 77% are engaged online, and the average number of withdrawals is 37 per month.
Why Bank On Certified Accounts Matter
Bank On nationally certified accounts are designed with low-income and credit-challenged residents in mind. These accounts offer:
- Low cost – $5 or less per month
- No overdraft or nonsufficient fund fees
- Free deposits, free withdrawals, and free bill payments
These features make certified accounts a practical, safer alternative to costly financial services and a critical first step toward long-term financial stability.
Growing the Coalition
The Spring Meeting was an opportunity to welcome new partners to the Bank On NWI Committee. The coalition actively seeks community organizations, financial institutions, and government agencies that serve residents who may be unbanked or underbanked. Banking access is most effective when integrated alongside financial literacy education, workforce development programs, tax preparation services, and other community resources.
NWIRA is proud to be part of this effort, working alongside coalition partners to connect Northwest Indiana residents to the financial tools they need.
Get Involved
If your organization is interested in joining the Bank On NWI coalition or learning more about certified account options available to your clients, visit www.bankonnwi.org or reach out at bankonnwi@gmail.com.
