Bank on DC FAQs
1. What is Bank on DC?
Bank on DC is a public-private partnership to ensure that everyone in the District has a bank account and financial education. DC is home to over 37,000 unbanked households and 72,000 underbanked households who frequently access checking and credit services through alternative financial services, such as check-cashers. This program is intended to help the unbanked and underbanked improve financial literacy, build assets, and save money on fees. Bank on DC launched in April of 2010 with the aspiration of opening 10,000 accounts and establishing 10,000 direct deposits.
2. What is the Bank on DC account?
The Bank on DC account is a checking account with no monthly fees, no minimum balance requirement, no overdraft protection and can be opened with an initial deposit of just $25. This account comes with a companion savings account and is offered by seven banks and six credit unions. Certain Bank on DC Financial Partners can accept foreign ID cards or give you a second chance to have an account if you have had trouble in the past or owe money to other.
3. Where can I get the Bank on DC account?
You can get the Bank on DC account by going into a branch on to the website of any of these institutions:
Institution |
Phone |
Website |
Second Chance Accounts |
Accept Foreign ID |
Youth Accounts (<18 yrs) |
Amalgamated |
202-479-2270 |
Yes |
Yes |
|
|
Agriculture FCU* |
202-293-9800 |
Yes |
|
|
|
Bank of America |
800-622-8731 |
|
Yes |
|
|
Bank of Georgetown |
866-864-1722 |
Yes |
Yes |
Yes |
|
Chevy Chase |
703-720-2373 |
Yes** |
Yes |
|
|
DGE FCU |
877-784-5551 |
Yes** |
Yes |
Yes |
|
DVA FCU |
800.822.6875 |
Yes |
|
Yes |
|
HEW FCU |
202-488-5400 |
Yes** |
|
Yes |
|
PNC Bank |
888-762-2265 |
Yes** |
|
|
|
Signal Financial FCU |
800 368-0108 |
|
Yes |
Yes |
|
Treasury FCU |
800-344-4497 |
Yes** |
|
Yes |
|
United Bank |
800-730-6169 |
Yes** |
Yes |
|
|
Wachovia |
800-922-4684 |
Yes |
Yes |
|
4. Where can I get a second Chance Account if I have bad credit or a ChexSystems history?
Institution |
Second Chance Accounts |
Type of Account |
Time Frame |
Can have unpaid debts |
Dollar limit on unpaid debts |
Other restrictions |
Amalgamated |
Yes |
Checking |
None |
Yes |
$100 |
Fraud |
Agriculture FCU |
Yes |
Checking/Savings |
1 year |
No |
$0 |
Fraud |
Bank of Georgetown |
Yes |
Checking/Savings |
1 year |
No |
$0 |
Fraud |
Chevy Chase |
Yes |
Checking/Savings |
None |
Yes |
$100 |
Fraud |
DGE FCU |
Yes |
Savings |
1 year |
Yes |
Unlimited |
Fraud |
DVA FCU |
Yes |
Checking/Savings |
6 months |
No |
$0 |
Fraud |
HEW FCU |
Yes |
Checking/Savings |
1 year |
Yes |
$500 |
Fraud |
PNC Bank |
Yes |
Foundations |
None |
Yes |
Unlimited |
Fraud |
Signal Financial |
Yes |
Savings |
2 years |
No |
$0 |
Fraud |
Treasury FCU |
Yes |
Savings |
1 year |
Yes |
Unlimited |
Fraud |
United Bank |
Yes |
Checking/Savings |
None |
Yes |
Unlimited |
Fraud |
Wachovia |
Yes |
Checking/Savings |
1 year |
No |
$0 |
Fraud |
5. What do I need to bring to the bank to open an account?
To open an account you need three things:
- Initial deposit : $25 to make an initial deposit into the account (credit unions require only $5)
- Primary ID : State Driver License, US Passport, Green Card/Alien Registration Card, Military ID).
- Secondary ID : You will need to provide a secondary ID to verify an address (e.g. Certificate of naturalization, Recent utility bill, cable or phone bill, Student ID card, Union membership card, Employee badge, Birth certificate, Health insurance card, Non-photo government aid card).
A number of Bank on DC Financial Partners accept Foreign ID cards as the primary ID:
Institution |
Salvadoran Documento Unico de Identidad (DUI) |
Mexican Matricula Consular ID |
Foreign Passports |
Other Consular ID Cards |
Foreign Drivers Licenses |
Foreign Military IDs |
Amalgamated |
|
Yes |
Yes |
|
|
|
Bank of America |
|
Yes |
Yes |
|
|
|
Bank of Georgetown |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Chevy Chase |
|
Yes |
Yes |
|
|
|
DGE FCU* |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Signal Financial FCU |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
United Bank |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Wachovia |
|
Yes |
|
|
|
|
* District Government Employees Federal Credit Union |
||||||
6. Do I have to be 18 to get the Bank on DC account?
No. Policies vary by financial institution, but a number of Bank on DC Banks and Credit Unions will allow youth younger than 18 to sign up for a savings account with parental consent (see question 3). You can start this application online but you will need to visit the branch with a legal guardian to finalize the account.
7. Do I have to live in the District to get a Bank on DC account?
No. Bank on DC accounts are available for anyone who lives in the Washington, D.C. metropolitan area. Policies may vary by institutions, but any of the Banks will offer accounts to residents of the greater Washington Metropolitan Area. In addition the following Credit Unions offer membership to individuals who live, work, worship, go to school, or volunteer in the following areas:
Federal Credit Unions |
District of Columbia |
Virginia |
Maryland |
Agriculture FCU |
All areas |
|
|
District Government Employees FCU |
Ward 1 (Adams Morgan, Mount Pleasant or Columbia Heights) |
|
|
DVA FCU |
All areas |
|
|
HEW FCU |
All areas |
Alexandria, Arlington, Fairfax Counties |
PG County, Montgomery County |
Signal Financial FCU |
All areas |
|
PG County inside the Beltway |
Treasury Department FCU |
All areas |
|
|
8. Where can I get financial education?
CABEL Foundation, Inc. |
Capital Area Asset Builders |
Financial Literacy Foundation |
Society for Financial Education and Professional Development, Inc. (SFE&ED) |
FMK Credit Education Center |
Operation Hope |
Ginga Financial Literacy Inc. |
Community Financial Education Foundation |
Online at www.BankonDC.myfela.com |
9. How can my organization become a Partner of Bank on DC?
Financial Institutions: In order to become a Financial Partner your institutions must meet the participation requirements, sign a Bank on DC Letter of Commitment, and make a sponsorship contribution to support Bank on DC marketing efforts. For more information, contact Christopher Hooton (Christopher.hooton@dc.gov) and download the Letter of Commitment detailing all of these requirements at: http://dcbiz.dc.gov/dmped/frames.asp?doc=/dmped/lib/dmped/bankondcsample_financial_partner_letter_of_commitment_feb_2010.pdf Community Organizations: In order to become a Community Partner your institutions must currently offer financial education classes, meet the participation requirements, and sign a Bank on DC Letter of Commitment. For more information, contact Christopher Hooton (Christopher.hooton@dc.gov) and download the Letter of Commitment detailing all of these requirements at: http://dcbiz.dc.gov/dmped/frames.asp?doc=/dmped/lib/dmped/bankondcsample_community_partner_letter_of_commitment_feb_2010.pdf
10. How can I get more information about Bank on DC?
For more information about Bank on DC, contact Christopher Hooton (Christopher.hooton@dc.gov, 202 664-4027) or look on the website www.bankondc.org.
