AMARILLO, TX (KFDA) - Amarillo, TX - A new program is offering mainstream banking to Amarillo residents.
Bank On Amarillo provides access to banking products to those who need it. Research shows about 10 percent of the Amarillo population is un-banked and about 30 percent is under-banked.
Bank On Amarillo is a collaboration between financial and community organizations to better educate the public about banking. The project educates individuals and families to use budgets, savings and investments to control debt and build wealth.
"The more you learn about what's available out there, where your money goes, and where it can be safe, then you can make better choices," said Federal Deposit Insurance Corporation representative Eloy Villafranca. "It will help you to then build assets, and it's all about assets and wealth building."
The program allows people to open a savings account with a $25 minimum deposit. Local businesses and banks donated $67,000 to fund the program.
Participating financial institutions include: Amarillo National Bank, Citizens Bank, FirstBank Southwest, FirstCapital Bank of Texas, First United Bank, Happy State Bank and The People's Federal Credit Union.