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 Automatically

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 America Saves.

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

CAAB Launches DC Saves Campaign Encouraging DC Residents to Save

 

Washington, DC – February 22, 2016 – The District of Columbia has the highest rate of residents in the Greater DC Area not having a banking relationship. Almost 12% 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 check-cashing our 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 America Saves.

“CAAB’s work is guided by a vision of prosperity and financial security for all,” said Rich Petersen, CAAB’s Executive Director. “Savings is a key component achieving both prosperity and financial security. 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 22 to February 27, is a national annual campaign organized by the Consumer Federation of America and the American Savings Education Council to assist people create savings plans, save more, reduce debt and build wealth.

CAAB will be partnering with the D.C. Department of Insurance, Securities and Banking and its Bank on DC program to promote savings amongst District residents and provide access to educational tools and resources.

“There are many District residents who do not have savings accounts or any banking relationships,” said Stephen C. Taylor, Commissioner of the District of Columbia Department of Insurance, Securities and Banking. “On average, those without formal banking relationships spend $800 a year on check cashing fees. By just opening an account, you could be already be saving $800 a year toward your goals, whether it’s college, retirement or an emergency fund.  I encourage District residents to take a moment this week and either start a savings habit, open an account or make a savings plan. By making saving a priority, you are investing in your financial health and personal well-being for years to come.”

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 Director of External Relations 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, CEO & Executive Director
1100 H Street NW, Suite 200
Washington, DC 20005