Bank On Memphis financial institution partners do more than provide safe, affordable checking/savings accounts. They provide a financial advisor you can talk to when your financial waters get rough. Payday lenders should be a last resort. Taking out a $400 payday loan and simply paying the "interest" due every two weeks will see you repaying more than your original loan in just 16 weeks. Plus you still owe the original $400! Your banker can help you find other ways to close a short term financial gap. You can even establish or increase a savings account with just a few pennies a day, which can really add up and help you handle financial emergencies without having to visit the predatory payday lenders.

Our Bank on Memphis partners are also supporting our Greater Memphis Financial Empowerment Center (GMFEC). Through the free financial counseling the GMFEC provides, they meet clients where they are financially, find out what their goals are, and then help them put together a realistic plan to help them achieve those financial goals. We want all Shelby Countians to be on sound financial footing. If you know someone who can benefit by their own financial counselor for free, check out the GMFEC.

For more information, visit www.bankonmemphis.org or www.gmfec.org.