Officially launched on November 14, 2011, the Bank On Rapid City is a program sponsored by various community businesses and non-profit organizations to help anyone without a bank account find affordable financial services. No one should have to spend hundreds of dollars a year to cash their own check and pay their bills. The Bank On Rapid City program will help citizens make the most of their money and lead them to a brighter financial future.

Modeled after the Bank On San Francisco initiative developed by San Francisco Mayor Gavin Newsom and Treasurer José Cisneros, the Bank On Cities Campaign helps create relationships among local governments, citizens, local banks and credit unions, and community partners to ensure that all residents have access to bank accounts, financial education, and other asset-building opportunities.  Many families, particularly those with low-incomes, rely on payday lenders, check cashers and other high-cost fringe financial services for their banking needs.  The project aims to expand families’ access to free and low-cost bank accounts to help them keep more of their paychecks, build savings, and establish a credit history.

The City’s goal for this program is to facilitate and encourage partnerships within the
community that will make mainstream banking and lending available to everyone
wishing to use it and to provide the tools that will help residents make better financial
decisions, utilize credit responsibly, and maximize their financial security through
increased earnings, savings, and investments.