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Bank On Greater Milwaukee (BOGM) celebrated their two-year anniversary with a virtual awards ceremony that recognized six local entities for their efforts to improve the overall financial health of the Milwaukee community. A program of the Urban Economic Development Association of Wisconsin (UEDA), Bank On Greater Milwaukee belongs to a nation-wide network of Bank On coalitions who aim to strengthen the financial stability of communities by increasing access to safe and affordable deposit accounts.
“A basic transaction account is an important first step to participating in the financial mainstream,” says Constance Alberts, Bank On Greater Milwaukee Program Manager. “We are extremely fortunate to engage a coalition of community organizations, banks, credit unions, and governmental entities who are dedicated to ensuring more households belong to the financial mainstream by developing low-barrier accounts and providing supportive financial education services.”
At their two-year anniversary event last week, Bank On Greater Milwaukee recognized coalition members who have made a significant contribution to the mission of Bank On Greater Milwaukee over the past year through innovative product development, programming, and community engagement efforts with their 2021 BOGM Champion Awards.
2021 BOGM Champions:
- Milwaukee Public Library: Community Partner Champion
Each year, MPL assists Bank On Greater Milwaukee with the updating and distribution of 10,000+ Money Smart Resource Guides, and has served as a financial education partner for many years.
- Summit Credit Union: Product Development Champion
Summit Credit Union’s development of the Balance Account and a non-custodial Bank On account will help expand banking access to youth.
- REAL Bank Program: Innovation Champion
Developed by Lad Lake, Summit Credit Union, St. Charles Youth & Family Services, Inc., and the Economic Awareness Council, the REAL Bank Program works to ensure youth aging out of foster care will have access to financial education and bank accounts that are safe and affordable.
- Carol Maria, FDIC: Leadership & Activity Champion
Carol played an integral role in bringing Bank On to the Milwaukee community and continues to engage local, regional, and national partners in efforts that move the needle on expanding mainstream financial inclusion.
“We are honored to receive this recognition from Bank On Greater Milwaukee,” said Sarah Campagna, Managing Vice President of Financial Empowerment for Summit Credit Union. “Summit Credit Union is committed to providing holistic financial experiences by pairing our safe and affordable products with our award-winning financial education. In joining the Bank On Greater Milwaukee coalition this past year, we have been able to reach even more families and communities with these resources.”
Since launching in 2019, Bank On Greater Milwaukee has more than doubled the number of Bank On certified accounts available in the Milwaukee area, from six to fourteen, with two more accounts near certification. Accounts at Bank Five Nine, BMO Harris, Chase, CIBC, Equitable, First Federal, First Midwest, Old National, PNC, Self-Help Federal Credit Union, Summit Credit Union, U.S. Bank, and Wells Fargo all have at least one account that has been certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the 2021-2022 Bank On National Account Standards (NAS).
Key features of NAS certified accounts include low or no monthly maintenance costs, no overdraft or non-sufficient fund fees, online pay bills and money online, and federal deposit insurance. A full list of certified accounts and coalition partners can be found on the Bank On Greater Milwaukee website.