Bank on Louisville celebrates second year of service - WDRB 41 Louisville - News, Weather, Sports Community

Bank on Louisville celebrates second year of service

Posted: Updated:

LOUISVILLE, Ky. (WDRB) -- Louisville Mayor Greg Fischer is celebrating the second year of a service meant to protect low-income workers from paying unnecessary fees.

Bank on Louisville began in July 2010.

It's estimated that 76,000 households in the city don't have enough access to banking services.

Fees from check cashing services and predatory lenders can add more than $40,000 in a person's working lifetime, according to a news release.

"It just brings together a lot of key elements in the community that are so important, not just financial education, financial empowerment," said Mayor Fischer. "It leads to better neighborhoods. It leads to stronger neighborhoods."

Bank on Louisville has helped over 4,000 people open new bank accounts in its first two years.

We're told 85 percent of those accounts have remained open.

Copyright 2012 WDRB News. All Rights Reserved.

  • Closed Captioning

  • Thanks to a grant from Norton Healthcare, this story and others are available in real-time closed captioning on WDRB.
    Thanks to a grant from Norton Healthcare, this story and others are available in real-time closed captioning on WDRB.