01/20/2009 - When San Francisco was establishing a program three years ago to move unbanked consumers into the financial mainstream, banks and credit unions signed on because "it was a good political opportunity to generate good will," said Matt Fellowes, an advocate for the unbanked who advised city officials.
Since then he has helped similar programs sprout up across the country, and now many financial institutions are finding more practical reasons to participate.
"There is an economic argument that they were missing out on deposits and cross-selling opportunities," said Mr. Fellowes, the director of the Pew Charitable Trust's safe banking opportunities program.
Read the complete article Practical Benefits Drawing Bankers to Unbanked Efforts on American Banker's Web site. (subscription required)
Pew is no longer active in this line of work, but for more information visit the Safe Banking Opportunities Project on PewHealth.org.