January 16, 2009
HP-1363

Treasury’s First Accounts Program Brings Thousands Into Financial Mainstream

Washington--The Treasury Department, through the First Accounts Program, has contributed to the opening of over 37,000 savings and checking accounts in urban, suburban, rural and Native American communities across the country.

The Treasury released today a report, Findings from the First Accounts Program, detailing approaches to bringing unbanked individuals into the financial mainstream. The report summarizes the First Accounts Program, a grant program administered by Treasury and intended to provide financial services to low- and moderate-income Americans without bank accounts.

"We hope that these findings will be of assistance to researchers, policy makers and practitioners as they continue their efforts to bring more American families into the financial mainstream and toward greater financial security," said Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr.

The executive summary may be viewed online at: http://www.treas.gov/offices/domestic-finance/financial-institution/fin-education/firstaccounts/. The full report will be available online later this month. A limited number of printed copies are available upon request to first.accounts@do.treas.gov.