LHT: It can be argued that for the "un-banked" population, a move from check cashing businesses to banks is simply a jump from the frying pan into the fire. How do you make the program work for this segment of our community?

Allen: Financial literacy training is a big part of the Bank On Dallas program. Without intensive training, many low and moderate income people will replace high check cashing and pay day lending fees with high non-sufficient funds fees and credit card late fees. It's crucial that the Bank on Dallas initiative maximize financial education to achieve a net financial gain to individuals and families - one that encourages savings and asset building.

In addition to having non-profits provide financial literacy training in Spanish and English, there will be computers available at each banking site offering on-line courses to help folks learn how keep more money in their pockets and avoid paying these high fees.

Our group is also working with the Apartment Association of Greater Dallas to hopefully create a program for tenants that would offer discounts in rent for those who participate in the financial literacy training. Our community as a whole benefits when residents become financially independent.

LHT: What other benefits do you foresee?

Allen: Besides being able to keep more of their money, the money they have is also safer. People who carry large amounts of cash, or use cash as their only form of payment, are much more likely to be robbed and preyed on by criminals.

One person from the Bank on Houston program recently stated, “you feel as though you’re in the mainstream, that you can transact your business just like everyone else.” Another person stated, “I feel like I’m worth more than I was before, and I feel a lot surer about my money, a lot more secure.”

Finally, I would say that one of the biggest benefits of this program is that children will be going into the bank with their parents. This program will help our youngest community members prepare for their future, as well.

LHT: What are the next steps in the implementation of the program?

Allen: Right now we're laying the foundation. We've had two advisory meetings, which have included representatives from the Federal Reserve Bank of Dallas, the FDIC, fifteen banks and credit unions, four major non-profit groups and the Dallas Police Department. We have divided this group into three teams, which are working on products and services, marketing and outreach, and financial education.

Our intent is to gather their input, come to a consensus and roll out the Bank on Dallas program within the next four months.

Simply put, this program is one more building block in our city's vision to help the good people of our community have a better quality of life.

To reach Councilman Allen, email him directly at .(JavaScript must be enabled to view this email address).

Be sure to stay tuned to Lake Highlands Today for updates and more feedback concerning the Bank on Dallas initiative.