Too many Californians conduct their financial lives outside the financial mainstream:
8.2 percent of US households are unbanked. This represents 1 in 12 households in the nation, or nearly 10 million in total.
The proportion of unbanked households increased slightly since the 2009 survey. The estimated 0.6 percentage point increase represents an additional 821,000 unbanked households.
20.1 percent of US households are underbanked. This represents one in five households, or 24 million households. The 2011 underbanked rate in 2011 is higher than the 2009 rate of 18.2 percent, although the proportions are not directly comparable because of differences in the two surveys.
29.3 percent of households do not have a savings account, while about 10 percent do not have a checking account. About two-thirds of households have both checking and savings accounts.
One-quarter of households have used at least one AFS product in the last year, and almost one in ten households have used two or more AFS. In all, 12 percent of households used an AFS product in the last 30 days, including four in ten unbanked and underbanked households.
By opening a bank account, you can take an important step toward financial security. With a free or low-cost account, you can start to save for the future and establish a credit history that will help you enter the financial mainstream and achieve your financial goals.
HOW TO OPEN
Finding a bank or credit union is the first step. The staff of participating banks and credit unions are trained to answer questions and walk you through each step of the process. To set up a free or low-cost account, you need a valid ID. Many forms of ID are accepted, including passports, California IDs, Mexican Matricula cards, and more.
BECOME A FINANCIAL INSTITUTION PARTNER
Bank On California’s financial institution partners lead the way in helping unbanked families open starter checking and savings accounts and enter the financial mainstream. When banks and credit unions partner with Bank On California, they expand their marketing in targeted low-income communities, identify new customers/members, develop strategies to reach unbanked/underbanked customers, and make strong connections in the community.
One of the best ways to reach unbanked Californians is through trusted community partnerships: community-based/non-profit agencies, community colleges, employers, faith-based organizations, and others. If you can connect BankOn California to people who want to take steps toward financial security, we can work with you to offer essential training and banking opportunities. Your organization can host a financial education workshop and partner with a Bank On California bank or credit union. If you would like to host a financial education workshop, Bank On California will provide a trained financial educator to teach the class.
MANAGING YOUR FINANCES
We want you to have all the tools you need to get the most out of your new account and start saving for the future. We've partnered with local nonprofit organizations to offer you a wealth of financial education classes.
Take a class at a community organization near you. Contact the Bank On California participating city near you.
Or learn online.
To better serve their communities, the cities listed have already joined the initiative. The number of participating cities will continue to grow as the partnership extends throughout all of California.
These banks and credit unions have partnered with us to help reach even more unbanked Californians.