bank on dc
Bank On DC is a Washington, D.C.-based nonprofit coalition that connects unbanked and underbanked District residents (29% of households) to certified, low-cost banking products through 14 partner financial institutions and provides financial education resources, including the MBSYEP youth banking program and Financially Fit DC platform.
- Company typePrivate
- Founded-
- HeadquartersWashington, United States
- Headcount—
- GTM typeB2C
- OfferingServices
What bank on dc does
Bank On DC is a collaborative nonprofit coalition initiative headquartered in Washington, D.C. that connects unbanked and underbanked District residents to safe, affordable banking products and financial education resources. Operated as a public-private partnership between the District of Columbia Department of Insurance, Securities and Banking (DISB), 14 partner financial institutions, and nonprofit organizations, the coalition addresses the fact that 8% of D.C. households are unbanked and 21% are underbanked — populations that spend approximately $800 annually on costly alternative financial services. Bank On DC's core offering is the promotion of Bank On Certified Accounts, low-cost banking products priced at $5 or less per month with no overdraft or non-sufficient funds fees, free deposits and withdrawals, and free bill payments, certified under the CFE Fund's Bank On National Account Standards framework.
The coalition extends its reach through several programs: the MBSYEP My Banking initiative, which provides banking orientation, account setup, and financial education to youth participants in the Marion S. Barry Summer Youth Employment Program via DC Credit Union and Democracy FCU; Financially Fit DC, an online financial education platform covering budgeting, credit, wealth-building, home-buying, and retirement planning; and data and reporting resources including evaluations of Financial Empowerment Centers. Distribution occurs through partner financial institution branches (with a national footprint of over 21,300 branches across 28 institutions under the 2019-2020 standards), online self-serve account applications, and direct community engagement through MBSYEP. Bank On DC also partners with America Saves and LifeCents for structured financial literacy content.
As a coalition, Bank On DC does not generate product revenue; funding comes from government partnerships, foundation grants, and coalition contributions. The organization has no disclosed headcount, no funding rounds, no independent ownership, and no external investors. It does not develop proprietary technology — its technical foundation is the Bank On National Account Standards framework developed by the CFE Fund. No patents, AI capabilities, APIs, or technology products are disclosed.
bank on dc firmographics
Firmographics- Name
- bank on dc
- Legal name
- Bank On DC
- Website
- https://bankondc.org
- Company type
- Private
- Operating status
- Operating
- Short description
- Bank On DC is a Washington, D.C.-based nonprofit coalition that connects unbanked and underbanked District residents (29% of households) to certified, low-cost banking products through 14 partner financial institutions and provides financial education resources, including the MBSYEP youth banking program and Financially Fit DC platform.
- Ownership category
- akta.pro rank
bank on dc industry classification
Industry- Product category
- Financial Inclusion Services
- NAICS
- Depository Credit Intermediation (5221), Credit Unions (522130)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)
- akta.pro secondary industry
- Student & Youth Banking (FSABAAAH)
Keywords
Where bank on dc is headquartered
LocationHeadquarters
- HQ city
- Washington
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
bank on dc business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Coalition/Grant Funded: Bank On DC operates as a nonprofit collaborative initiative funded through government partnerships, foundation grants, and coalition contributions rather than product revenue generation
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Bank On Certified Accounts offered by partner financial institutions |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
bank on dc product offering
Product offeringCore offering
Bank On DC is a collaborative nonprofit coalition that connects unbanked and underbanked District of Columbia residents to safe, affordable, certified banking accounts offered by 14 partner financial institutions. The coalition provides financial education resources and runs the MBSYEP My Banking program for youth employment participants. It does not sell its own banking products; instead, it facilitates access to partner institutions' certified accounts and delivers community-based financial literacy programming.
Product overview
Bank On DC is a collaborative nonprofit coalition (not a technology product company) that connects unbanked and under-banked District of Columbia residents to safe, affordable financial products and services. The organization operates several programs including Bank On Certified Accounts (low-cost, safe bank accounts meeting national standards), the MBSYEP My Banking program (summer youth employment banking orientation), and Financially Fit DC (online financial education). It partners with 14 financial institutions and provides resources including data reports and National Account Standards. As a coalition organization, Bank On DC does not develop or sell technology products but facilitates access to banking services.
Differentiator
Problem solved
Functional benefit
Products and services
- Bank On Certified Accounts Safe, low-cost bank accounts offered through 14 partner financial institutions that meet Bank On National Account Standards, featuring no overdraft or non-sufficient funds fees, $5 or less monthly cost, and free deposits, withdrawals, and bill payments. Targeted at unbanked and underbanked District of Columbia residents.
- MBSYEP My Banking A banking orientation and onboarding program for participants in the Marion S. Barry Summer Youth Employment Program (MBSYEP) that guides youth through opening bank accounts, completing financial literacy modules, and setting up direct deposit for their summer earnings.
- Financially Fit DC Online financial education platform providing guidance on budgeting, managing credit, building wealth, buying a home, and planning for retirement for District of Columbia residents.
- Bank On National Account Standards National certification framework developed by the CFE Fund that defines core and recommended features for safe, low-cost bank accounts and serves as the benchmark for account partnerships between Bank On coalitions and financial institutions.
Quantifiable outcome
- 8% of D.C. households are unbanked, and Bank On DC works to reduce this through certified account access
- +2 more outcomes
Companies that use bank on dc
Customer profileNamed customers14 records
Segments3 records
Ideal customer profiles3 records
bank on dc technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
bank on dc partnerships and signals
Strategic signalPartnerships
19 partnerships are on record, tiered core, flagship and minor.
- District of Columbia Department of Insurance, Securities and Banking (DISB)coreGovernment regulatory agency that cultivates the collaborative effort, provides regulatory oversight, and serves as the founding governmental partner for the Bank On DC coalition initiative
- CFE Fund (Center for Financial Services Innovation)coreNational nonprofit that developed the Bank On National Account Standards framework; provides technical assistance, account certification standards, and program support to local coalitions
- Agriculture FCUflagshipFederal credit union partner offering Bank On certified accounts to District residents; contact (202) 479-2270
- Amalgamated BankflagshipNational bank partner offering Bank On certified accounts; contact (800) 662-0860
- Bank of AmericaflagshipMajor national bank partner offering Bank On certified accounts; contact (800) 432-1000
- ChaseflagshipMajor national bank partner offering Bank On certified accounts; contact (800) 935-9935
- Democracy FCUflagshipLocal credit union partner offering Bank On certified accounts including special accounts for MBSYEP youth participants; contact (202) 488-5400
- DC Credit UnionflagshipLocal credit union partner offering Bank On certified accounts including special accounts for MBSYEP youth participants; contact (877) 784-5551
- Industrial BankflagshipRegional bank partner offering Bank On certified accounts; contact (202) 722-2000
- M&T BankflagshipRegional bank partner offering Bank On certified accounts; contact (800) 724-2440
- PNC BankflagshipMajor national bank partner offering Bank On certified accounts; contact (888) 762-2265
- TD BankflagshipMajor national bank partner offering Bank On certified accounts; contact (888) 751-9000
- TruistflagshipMajor national bank partner offering Bank On certified accounts; contact (844) 487-8478
- United BankflagshipRegional bank partner serving Washington D.C. market offering Bank On certified accounts; contact (800) 327-9862
- Wells FargoflagshipMajor national bank partner offering Bank On certified accounts; contact (800) 869-3557
- CitiflagshipMajor national bank partner offering Bank On certified accounts; contact 1-800-321-2484
- America SavescoreNational nonprofit organization providing the 'Getting Paid and Save' financial education pledge program for MBSYEP participants as part of Bank On DC's youth banking orientation
- LifeCentsminorOnline financial education and wellness platform provider used for MBSYEP participant financial literacy requirements
- Marion S. Barry Summer Youth Employment Program (MBSYEP)coreDC government youth employment program through which Bank On DC provides banking orientation, account setup assistance, and financial education to thousands of youth participants annually
Scale indicators5 records
Recent moves5 records
Expansion highlights4 records
bank on dc competitors and assessment
Company assessmentDirect peers
- Operation HOPE: National nonprofit providing financial literacy coaching, credit counseling, and entrepreneurship programs to underserved communities. Overlapping financial inclusion mission with broader service portfolio.
- Prosperity Now (formerly CFED): National nonprofit focused on financial inclusion, asset building, and economic opportunity for low-income households. Comparable mission and constituency, but operates nationally rather than city-specifically.
- National Federation of Community Development Credit Unions: National association representing community development credit unions serving low-income and underserved populations. Bank On DC partners directly with credit unions serving similar communities.
Regional players
- Bank On San Francisco: San Francisco's Bank On coalition partnering with local banks and credit unions to provide certified accounts to unbanked residents. Operates the same coalition-based model as Bank On DC in a different metropolitan market.
- Bank On New York City: NYC's Bank On coalition operated through the Department for the Aging, providing free or low-cost banking access to underserved New Yorkers. Closely analogous city-government-led coalition model.
- Bank On Chicago: Chicago's Bank On coalition initiated by the City of Chicago and partner financial institutions to bring unbanked residents into the banking mainstream. Comparable coalition model with city government backing.
- Bank On Atlanta: City-level Bank On coalition in Atlanta, Georgia, applying the same CFE Fund National Account Standards framework to connect unbanked residents with certified bank accounts. Directly comparable operating model in a different geography.
Broad incumbents
- Cities for Financial Empowerment Fund (CFE Fund): National nonprofit that created the Bank On National Account Standards and provides technical assistance to local coalitions including Bank On DC. Acts as a parent/standards body rather than a direct local operator.
- Bank of America Better Money Habits: Bank of America's flagship financial education program serving unbanked and underbanked customers. Bank On DC's largest partner runs a parallel in-house financial inclusion program at national scale.
- Local Initiatives Support Corporation (LISC): National community development financial institution supporting affordable housing, economic development, and financial opportunity in distressed communities. Comparable mission of economic inclusion with a broader community development mandate.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
bank on dc social profiles
Digital presencebank on dc financial estimates
Financial estimateRevenue estimate
Valuation estimate
bank on dc leadership team
Management profileNumber of profiles
bank on dc funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
bank on dc M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about bank on dc
What does bank on dc do?
Bank On DC is a collaborative nonprofit coalition that connects unbanked and underbanked District of Columbia residents to safe, affordable, certified banking accounts offered by 14 partner financial institutions. The coalition provides financial education resources and runs the MBSYEP My Banking program for youth employment participants. It does not sell its own banking products; instead, it facilitates access to partner institutions' certified accounts and delivers community-based financial literacy programming.
Is bank on dc a public or private company?
bank on dc is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was bank on dc founded?
bank on dc was founded in -1.
Where is bank on dc based?
bank on dc is headquartered in Washington, United States, in the North America region.
How does bank on dc make money?
One revenue line is on record: coalition/Grant Funded.
Who are bank on dc's main competitors?
Direct peers on record are Operation HOPE, Prosperity Now (formerly CFED) and National Federation of Community Development Credit Unions. Regional players are Bank On San Francisco, Bank On New York City, Bank On Chicago and Bank On Atlanta. Broad incumbents are Cities for Financial Empowerment Fund (CFE Fund), Bank of America Better Money Habits and Local Initiatives Support Corporation (LISC).
Does bank on dc have an API?
No public API is recorded for bank on dc.
What industry is bank on dc in?
bank on dc's product category is Financial Inclusion Services. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSABAAAH, Student & Youth Banking. Its NAICS code is 5221 and its SIC code is 6199.