To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

A new program called BankOn Central Texas is working to educate people about the benefits of owning a bank account. The organization launched Tuesday as a community initiative of United Way Capital Area.

FDIC Chief of Staff Jesse Villareal said the program is designed for people who don't currently use banks and harbor some misconceptions about them.

"I think some people are unfamiliar in general with banks and with bank accounts. Many people use products and services that are outside the banking system that tend to be high-cost alternatives to services and products that banks can offer," he said.

According to United Way Capital, the typical Austin family without a bank spends $230 to $918 each year just to cash checks. In Central Texas, people borrow almost $91 million from pay day loans each year and pay almost $15 million in fees.

Emily DeMaria is the Vice President of Community Development for United Way Capital Area. She said the program will connect families with one of seven partner agencies.

"It's about having a place to save money and to save your money,” she said. “People that just have it stored at home, it's not safe there. It’s a better situation to have it in an insured account. I think having that ability to get interest on some of that money that's sitting on the sidelines is an important thing."

Organizers also hope it will give people a safer place to keep their cash.

If you're interested in BankOn Central Texas, call 211 or visit BankOnCentralTexas.org.