What is AEI?
The Alliance for Economic Inclusion is an FDIC national initiative with a mission to enhance the economic well-being of low- and moderate-income individuals and families by improving access to the banking system.

Bank on Southeast Michigan is the local collaboration that brings nonprofits, government entities, and the banking industry together to help underserved residents of Southeast Michigan build assets and become banked. To do this, it employs three key strategies:

• Providing comprehensive financial education
• Developing low-cost financial products and services so people who normally could not have a bank account are able to gain access
• Pursuing legislative and business policy changes that promote asset building

The program offers and helps individuals access mainstream banking institutions.

How it helps
There are nearly 1 million people in Wayne, Oakland and Macomb counties who lack a bank account or are underbanked, meaning they are not able to access the full realm of banking services. As a result, many rely on check cashing outlets and payday lenders who charge high fees to process an individual’s money.

Whether it’s a bad credit history or a lack of sufficient funds to open and maintain an account, Bank on Southeast Michigan works with the banking industry to break down barriers so that all people have access to the benefits that come with being banked.

In addition, Bank on Southeast Michigan offers financial literacy courses based on the FDIC’s MoneySmart training curriculum so individuals are able to learn how to build assets and maximize their banking experience.

Results
The pilot program launched in 2008 and targeted Latino communities in Southwest Detroit, Oakland and Macomb Counties. As part of that effort, 151 people participated in financial literacy training, with 39 of them opening a checking or savings account.

In 2009, Bank on Southeast Michigan will expand to reach the African American population in targeted communities throughout the region. According to the U.S. Census Bureau, 46 percent of African Americans are unbanked or under-banked in Southeast Michigan.

AEI Partners – Financial Institutions

• Bank of America
• Charter One
• Chase
• Chief Pontiac Credit Union
• Comerica
• Community Central Bank
• Credit Union One
• Fifth Third Bank
• Flagstar Bank
• Genysis Credit Union
• Huntington Bank
• National City
• TCF Bank
• University Bank

AEI Partners – Steering Committee

• AARP Foundation
• Bank of America
• Catholic Social Services of Oakland County
• Charter One
• Detroit Alliance for Fair Banking
• FDIC
• Federal Reserve Bank/Chicago
• Flagstar Bank
• Genysis Credit Union
• Matrix/Vistas Nuevas
• LASED
• Latino Family Services
• Mexican Consulate
• Michigan Hispanic Chamber of Commerce
• NAACP – Detroit
• National Credit Union Administration
• New Detroit
• United Way for Southeastern Michigan
• Wayne Metro Community Action Agency