CLICK HERE FOR MORE INFORMATION
FACTS
- Too many Californians conducts their financial lives outside the financial mainstream
- Nationally as many as 28 million people are unbanked
- One in five low-income Californians does not have a checking account
- Nearly half of Californians do not have a savings account
- A full-time worker without a checking account could potentially save as much as $40,000 during his career by relying on lower-cost checking account instead of check-cashing services
Financial Partners
-
Bank of America
-
Bank of the West
-
Broadway Federal Bank
-
Chase
-
Citibank
-
City National Bank
-
Kinecta Federal Credit Union
-
Pacoima Development Federal Credit Union
-
U.S. Bank
-
Union Bank
-
Wedbush Bank
-
Wells Fargo
REACHING OUT TO UNBANKED ANGELINOS
Unbanked Angelinos are concerned about the cost of having a bank account and are worried they may be denied an account because they have made financial mistakes in the past. Others believe that without a Social Security card they are not eligible for an account. Some think they do not make enough money to have a bank account, or are intimidated by a traditional banking environment.To directly address these concerns, participating banks and credit unions agreed to the following baseline criteria:
• Offer a low- or no-cost product with no minimum balance requirement. The high minimum balances and fees of many accounts is a key factor keeping people out of the financial mainstream.
• Adapt internal systems to allow customers with a poor banking history to open "second chance" checking accounts.
• Accept the Mexican Matricula and Consular identification cards as primary ID. For many immigrants, the barrier to opening an account is having the proper documentation.
• Expand marketing and outreach strategies in targeted, low-income neighborhoods, and increase the visibility of appropriate products in Los Angeles.
• Provide financial management training in the community and partner with local community-based organizations to transition customers ready to enter the financial mainstream.