CAAB

Investing in People, Strengthening Communities

DC Residents are Encouraged to Open a Bank/Credit Union Account, Set a Savings Goal, Make a Savings Plan and Save

The District of Columbia has the highest rate of residents in the Greater DC Area not having a banking relationship. Almost 11% of District residents are unbanked: don’t have a checking or savings account. Moreover, 25% of District residents are underbanked: have a bank account but still use alternative financial services such as check-cashing or payday loans. This week, Capital Area Asset Builders (CAAB) is launching the DC Saves Campaign to encourage DC residents to start saving or improve their saving habits as part of the national America Saves initiative.

DC Residents are Encouraged to Open a Bank/Credit Union Account, Set a Savings Goal, Make a Savings Plan and Save 

CAAB Launches DC Saves Campaign to Encourage
District of Columbia Residents to Save


Washington, DC – February 27, 2017 – The District of Columbia has the highest rate of residents in the Greater DC Area not having a banking relationship. Almost 11% of District residents are unbanked: don’t have a checking or savings account. Moreover, 25% of District residents are underbanked: have a bank account but still use alternative financial services such as check-cashing or payday loans.

This week, Capital Area Asset Builders (CAAB) is launching the DC Saves Campaign to encourage DC residents to start saving or improve their saving habits as part of the national America Saves initiative.

“Savings is a key component achieving both prosperity and financial security,” said Rich Petersen, CAAB’s Executive Director. “The objectives of the DC Saves Campaign are to incentivize DC residents to open a bank or credit union account, set a savings goal, make a savings plan and save automatically. This work is fully in alignment with CAAB’s mission to empower low- and moderate-income residents of the Greater DC Area to take control of their finances, increase their savings and build wealth for a better future.”

America Saves Week, February 27 to March 4, is a national annual campaign organized by the Consumer Federation of America to assist people create savings plans, save more, reduce debt and build wealth.

“America Saves Week is an ideal time for District residents to evaluate their saving habits and to reassess their financial wellbeing. I encourage residents to utilize our Financially Fit DC program to develop a savings plan, access affordable financial tools, and invest in a healthy financial lifestyle,” said Stephen C. Taylor, Commissioner for the District Department of Insurance, Securities and Banking.

Throughout the week, CAAB will share savings tips on www.caab.org, through social media (Twitter: @CAAB_GreaterDC / Facebook: https://www.facebook.com/CapitalAreaAssetBuilders / LinkedIn: https://www.linkedin.com/company/capital-area-asset-builders) and will also promote savings with media engagements and in-person presentations on the following 4 key topics:

  • Being banked;
  • Setting-up an emergency savings fund;
  • Saving and planning for college; and,
  • Saving and planning for retirement.

To learn more about the DC Saves Campaign, please contact Joseph Leitmann-Santa Cruz, CAAB’s Associate Director and Manager of the DC Saves Campaign by phone at (202) 419-1440 x 102 or by email at jleitmann-santacruz@caab.org.

 

About Capital Area Asset Builders

Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to empower low- and moderate-income residents of the Greater DC Area to take control of their finances, increase their savings, and build wealth for a better future.

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How to give

Now, more than ever, non-profits like Capital Area Asset Builders (CAAB) need your help. Please support CAAB as we continue to help DC residents manage and/or improve their financial situation during these difficult times. If you can't afford to give a monetary gift, please visit our Amazon Wish List where you can choose from a variety of items that CAAB needs in order to better serve our community.

or send a check or money order to
Capital Area Asset Builders (CAAB)
c/o Joseph Leitmann-Santa Cruz, Director of External Relations
1100 H Street NW, Suite 200
Washington, DC 20005