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Bank On Rockville to Help Low-Income Residents Better Control Their Finances

Aerial view of a Rockville neighborhood.

Rockville has launched Bank On Rockville, an initiative to connect its low- to moderate income residents to safe and affordable bank accounts, increase their financial capability, and provide more pathways to economic self-sufficiency.

As part of a national movement, Bank On Rockville will connect residents with nationally certified Bank On accounts that feature low or waived maintenance fees, low minimum opening balance, no inactivity fees and no overdraft fees.

The program also provides referrals to free personal finance workshops, one-to-one financial coaching and credit counseling, and tax preparation services. (Income eligibility restrictions apply for tax preparation.) Part of the Bank On Rockville program includes information about a pilot program, Family FinCap, short for “financial capabilities,” a parent and child(ren) or two-generation savings program that incentivizes savings through a grant-funded match.

The program also combines financial literacy education with workforce development opportunities. Matched funds will be restricted to workforce development purposes, including higher education, certification and credentialing, and small business endeavors. Family FinCap begins Tuesday, Jan. 10 and runs through Tuesday, July 25. Eligibility criteria apply. For more information about Bank On Rockville programming, visit www.rockvillemd.gov/bankon.

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Rockville Reports is the official publication of the City of Rockville, published at City Hall, 111 Maryland Ave., Rockville, MD 20850-2364.

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