By MyBankTracker  Updated on Fri Feb 8, 2013

New Banking Program Targets Low-Income Orlando Residents

Nine major banks and credit unions partnered with eight nonprofit organizations on a banking program for Orlando residents that raises awareness of the high costs of financial alternatives such as check-cashing services and payday loans.

Financial institutions in the program, called Bank On Greater Orlando, already offer accounts that are tailored to low- to moderate-income individuals but few know about them.

In addition to these accounts, program participants will be offered financial-literacy lessons — so they understand the high costs of going with non-bank services.

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