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New Campaign Encourages Washingtonians to Establish Bank Accounts

With more than 8 percent of District residents functioning without a checking or savings account — and with more than 21 percent having either account while still using alternative financial services — the D.C. region ranks highest for residents without a banking relationship.

To that end and in recognition of America Saves Week, Capital Area Asset Builders has launched the DC Saves Campaign to encourage residents to start saving or improve their saving habits.

“CAAB’s work is guided by a vision of a Washington metropolitan region where birthplace, race, and the zip code we live in don’t limit economic opportunity and optimism,” said Joseph Leitmann-Santa Cruz, CAAB acting executive director. “Savings is a key component to achieve both financial security and prosperity. The objectives of the DC Saves Campaign are to encourage 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 create opportunities for low- and moderate-income individuals in the greater D.C. region to build financial security, savings, and wealth for the future.”

America Saves Week, which ends March 2, is a national campaign managed by the nonprofit Consumer Federation of America, motivates, encourages and supports low- to moderate-income households to save money, reduce debt, and build wealth.

Throughout the week, CAAB will share savings tips on www.caab.org, through CAAB’s social media platforms Twitter, Facebook and LinkedIn, and will also promote savings with media engagements and in-person presentations on the following six key topics:

• Being banked;
• Setting-up an emergency savings fund;
• Saving and planning for college;
• Claiming the Earned Income Tax Credit;
• Saving your tax refund; and,
• Saving and planning for retirement.

For more information, call 202-419-1440 x102 or email jleitmann-santacruz@caab.org.

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