Date of Degree Completion

Spring 2025

Degree Type

Capstone - Open Access

Instructor/Advisor

Dr. Gerardo Gauthier-Zayas & Dr. Audrey Falk

Abstract

Millions of Americans remain unbanked or underbanked, disproportionately impacting Black, Hispanic, and immigrant communities due to public policies and systemic barriers. In 2021, The median wealth for Black households was $24,520. Roughly one-tenth of the $250,400 median wealth held by White households (Bennett et al). The Bank On initiative was developed to address financial inclusion and access to basic banking. It provides a promising intervention by promoting low-cost, no-overdraft bank accounts certified to meet national standards (CFE Fund, 2019). While Bank On has expanded throughout the United States, questions persist about the initiative’s equity, effectiveness, and sustainability.

This community project proposal explores the equity, effectiveness, and sustainability of the Bank On model. Using qualitative research methods, including a literature review, secondary data analysis, and stakeholder interviews, the study identifies persistent challenges such as continued structural barriers, mistrust of financial institutions, sustainability and capacity of the coalition, and a lack of disaggregated outcome data. This project also surfaces community- informed insights on trust-building, coalition governance, and the role of policy alignment in advancing financial inclusion. Findings suggest that while Bank On is a viable tool for connecting underserved individuals to mainstream economic systems, its impact is constrained without intentional equity metrics, community-based outreach, and sustainable infrastructure. It highlights the need for policy incentives and transparent evaluation practices to ensure that banking access translates into lasting financial inclusion.

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