(Memphis) County and City officials want to help reduce poverty and help low and moderate income families plan for the future.
Both agree it could be as simple as opening a bank account.
Saturday, Shelby County Trustee David Lenoir and Memphis Mayor A C Wharton will relaunch ‘Bank On Memphis’ to encourage those in some of the poorest neighborhoods to open a traditional bank account.
The Shelby County Trustee’s Office says there are nearly 100,000 households in Memphis that don’t have checking or savings accounts.
Those who don’t use traditional banks often rely on check cashiers or payday lenders that charge high interest rates and fees.
Around a dozen banks are taking part in ‘Bank On Memphis’ to give residents better access to checking and savings accounts they can afford and help them manage their money.
The goal of the program is to provide financial literacy.
Shelby County Trustee David Lenoir says people are limited when they don’t have a bank account, “They can’t buy a car that can get them to work on time, they can’t save enough money to send a child to college, they can’t buy a house. We know we see a lot of people in the trustee’s office who are delinquent on their taxes.”
‘Bank On Memphis’ will be relaunch Saturday at the Soulsville Towne Center at 915 McLemore in South Memphis.
The United Way volunteers will also be there to provide free tax assistance from 9am-2pm.
For more on the ‘Bank On Memphis’ click here.
You can also check out the Banks On Memphis Facebook page.