Financial Update - Volume 19, Number 3 - Atlanta Fed Publishes Consumer Guide to Opening a Bank Account

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Vol. 19, No. 3,
Third Quarter 2006


FEATURES

Guynn Retiring
on Oct. 1

Booklet Imparts
Katrina’s Lessons

Fed Holds Hearings on
Mortgage Practices

Atlanta Fed Conference
Spotlights Hedge Funds

New Brochure Touts
Bank Account Benefits

Birmingham Branch to
Convert to Cash Depot

Fed Reduces Exposure
to Daylight Credit

Fed Chair Speaks on
Energy Costs’ Effects

Schools Gather to Discuss
Community Development

Bills Seek Tougher
Data Security

Fed Gov. Bies Addresses
Mortgage Markets

Olson Resigns Fed to
Lead Pension Board

DEPARTMENTS

Data Bank

Circular Letters

Staff

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Atlanta Fed Publishes Consumer Guide to Opening a Bank Account

faces
Banking the unbanked, finding ways to reach these potential customers, and helping them overcome their concerns about developing relationships with banks are goals shared by the Federal Reserve System and bankers. To help in this effort, the Federal Reserve Bank of Atlanta recently published a consumer guide aimed at the unbanked population. The consumer guide provides practical information on opening a bank account.

Goal of the brochure
The brochure, A Guide to Your First Bank Account, introduces consumers to the advantages of using a bank and discusses the two main types of accounts—checking and savings—and offers suggestions on how a consumer can open and maintain a bank account.

Related
A Guide to Your First Bank Account
Spanish-language version
Ordering information

The brochure, which is available in English and Spanish, addresses apprehensions consumers may have about using banks, including privacy concerns, credit problems, language barriers, and discomfort in a bank setting.

“One of our goals at the Atlanta Fed is to help consumers who do not currently use banks understand and successfully interact with banking institutions,” said Juan Sanchez, assistant vice president and community affairs officer in the supervision and regulation division at the Atlanta Fed. “This brochure is part of an effort to explain banks to this underserved population.”

Distributing the brochure
The brochure was highlighted recently in the Atlanta Fed’s publication, Partners, and it is available on the Internet. The Atlanta Fed’s community affairs department is distributing the brochure to community organizations in the Southeast and to their counterparts at other Federal Reserve Banks.