Financial Institution Participation Opportunities

Financial Institution Participation Opportunities

In Ohio Saves Week 2014

Banks can directly benefit by participating in ASW to:

·  Attract new customers

·  Increase account balances

·  Encourage customers to save automatically through direct deposit

·  Sign up customers as Ohio Savers to help support their ambition to save

·  Use an embeddable pledge form on your website, you can track your impact in the community

·  Provide directly, or in partnership with others, financial education classes, events, and seminars

·  Potentially receive free media coverage

Banks can participate in Ohio Saves Week in a variety of ways:

·  Market to current and potential customers to save and build wealth better:

o  Share Ohio Saves with customers through tellers and bankers, collect enrollment forms, and distribute Savings Goal magnets to new Savers.

o  Offer no-fee savings accounts at low opening balances ($25 or less) with incentives introduced during the Week

o  Offer incentives for making deposits into current accounts

o  Offer low cost IRAs, CDs or other wealth- building accounts

o  Offer special emergency savings accounts

·  For current business customers, reach out to their employees (At Work programs) to make savings automatic, and set up an emergency savings account or wealth building account through payroll deduction

·  Have customers take the Pledge to Save

·  Make available Ohio Saves pledge forms at teller windows

·  Offer financial education classes and/or one-on-one counseling in partnership with nonprofit organizations

·  Use Ohio Saves Week to expand outreach, education, and new deposit promotions

·  In school presentations to students and teachers, encourage opening or adding to an existing account. The accounts can be savings, IRA, CD, or other wealth-building accounts

·  Host motivational workshops with partner organizations such as schools, nonprofits or at a library

·  Enclose Ohio Saves Week flier in statement envelopes

·  Feature Ohio Saves Week on website

·  Put a link on website to Ohio Saves Week (www.OhioSaves.org)

·  Feature Ohio Saves Week in advertising campaign

·  Hold a press event promoting Ohio Saves Week and institutional goals for increasing saving

How others have benefitted:

·  Seven banks in Cleveland committed to opening 1,100 new savings accounts in low-to-moderate income (LMI) areas by year-end. Over 400 accounts were opened during the Week.

·  Citizens Bank in Philadelphia used the messages and materials from Philly Saves to open 1,800 new accounts in LMI areas, 1,000 more than they opened in all of Philadelphia in a week

·  In Dallas, three banks and one credit union contributed to a drawing for a $10,000 savings bond for an adult and $5,000 for a student as an incentive for signing up as a Texas Saver and opening or adding to an existing savings account. This generated 1,100 new or added to accounts in six branches.

·  U.S. Bank registered 58 branches in 17 states internally to participate in America Saves Week 2013, featuring the S.T.A.R.T. saving product that gave $50 for the first $1,000 saved. Conducted financial literacy seminars encouraging saving for the future using America Saves Week resources.

·  The Columbia Bank held a Savings Campaign with a drawing for a $500 CD as an incentive in 40 of their branches. 119 new savings-type accounts were opened with total deposits of $1,438,380.61.