Bank On California

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facts

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.

More information:

2011 Survey Results for California

2011 FDIC National Survey of Unbanked and Underbanked Households





   Highlighted Resources

Time is running out

Infographic: CA Counties with Highest Number of Social Security Payments by Paper Check

California Financial Literacy Month

Earn Income Tax Credit



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WHY DO I NEED
AN ACCOUNT

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
AN ACCOUNT

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.

See accepted IDs
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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.
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PARTICIPATING CITIES AND FINANCIAL INSTITUTIONS

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.

See participating cities

Start a Bank On Program

These banks and credit unions have partnered with us to help reach even more unbanked Californians.

See participating Banks


Become A Financial Institution Partner


Become A Community Partner