BATON ROUGE, La. (1/17/12)--Eight Baton Rouge, La.-area credit unions are participating with five local banks in a public-private partnership, called Bank on Baton Rouge, which will offer free or low-cost financial accounts to residents who do not use financial institutions.
The credit unions and banks will reduce or waive fees for participants who open checking and savings accounts.
Depositors also will have their overdraft charges eliminated, and their monthly minimums for account balances will be waived.
An estimated 12.1% of Baton Rouge households are unbanked, Kip Holden, Baton Rouge mayor-president, told the publication, adding that over a life time, a person without a credit union or bank will spend an average of $40,000 to cash checks.
Credit unions involved in the partnership are:
- Baton Rouge City Parish Employees FCU;
- Baton Rouge Telco FCU;
- Neighbors FCU;
- Pelican State CU;
- Campus FCU;
- Southern Teachers & Parents CU;
- Dow Louisiana FCU; and
- E FCU.