OVERVIEW
First Accounts provides financial resources to develop and implement programs to expand access to financial services for low- and moderate-income individuals who currently do not have an account with an insured depository institution or an insured credit union.
The paramount goal of First Accounts is to move a maximum number of "unbanked" low- and moderate-income individuals to a "banked" status with either an insured depository institution or an insured credit union through the development of financial products and services that can serve as replicable models in other communities without the need for ongoing public subsidies. Additional goals include the provision of financial education to unbanked low- and moderate-income individuals.
The First Accounts program awarded fifteen grants in May 2002 to projects targeting low- to moderate-income individuals in twenty-five states. Currently, there are no additional funds available for First Accounts grants.
For more information about the First Accounts program, please contact:
first.accounts@do.treas.gov
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