DFI Community Affairs
Bank On California
- In 2012, program expands in Sacramento County, Stanislaus, American Canyon, Napa Valley, Placer, Amador, El Dorado and Yolo. In 2013, program expanded to Monterey, Salinas, Santa Cruz and Watsonville.
The Bank On California initiative helps Californians open a bank or credit union account and start saving for the future. California is lauded as the first state in the nation to launch the initiative seeking to draw the "unbanked" into the financial mainstream.
The Department of Financial Institutions provides the state leadership of the initiative and recently announced that there are now eight Bank On programs in California. In addition, there are several new cities in the process of planning their programs. Bank on California coalitions are located in American Canyon, Fresno, Los Angeles, Monterey, Napa, Oakland, Orange County, Sacramento, Salinas, San Francisco, San Jose, Santa Cruz, and Watsonville. DFI is pleased to announce that the Bank on California program is now available in Amador, El Dorado, Placer Stanislaus, and Yolo.
Bank On California is a voluntary collaborative initiative that gives unbanked households access to mainstream financial products and services, including no- and low-cost checking and savings accounts with participating banks and credit unions and access to financial education.
Community partners include community-benefit (non-profit) organizations, local, state and federal government, and financial institutions (community banks and credit unions).
Bank On California, launched in December 2008, sought to open 100,000 starter accounts. Over 214,000 starter bank accounts have been opened to date. Bank On California has also made significant progress expanding financial education opportunities and has conducted over 2,000 financial education workshops, while reaching out to several thousand unbanked low- and moderate-income families and individuals throughout the state.
DFI provides the state leadership for the Bank on California initiative. For more information, contact Alana Golden, 916-323-7012.
- Bank on California – Visit the Bank on California Website to Learn More About Helping Californians Open Bank Accounts
- Bank on American Canyon
- Bank on Central Coast (Monterey, Salinas, Santa Cruz, Watsonville)
- Bank on Fresno
- Bank on Los Angeles
- Bank on Napa Valley
- Bank on Oakland
- Bank on Orange County
- Bank on Sacramento (Amador, El Dorado, Placer, Sacramento, Yolo)
- Bank on San Francisco
- Bank on San Jose
- Bank on Stanislaus County
- Bank On Video – Partnership between Bank On, Department of Education, FDIC and NCUA (YouTube)
- an Deal With It - College Issues
2011 FDIC National Survey of Unbanked and Underbanked Households
More than one in four households (28.3 percent) are either unbanked or underbanked, conducting some or all of their financial transactions outside of the mainstream banking system. Read the full report and other related documents on the FDIC Website.
Findings from the FDIC Survey of Bank Efforts to Serve the Unbanked and Underbanked (June 2009) (PDF)
This article summarizes key findings of the FDIC Survey of Bank Efforts to Serve the Unbanked and Underbanked. It is intended to inform bankers, policymakers, and researchers of the survey results and to outline steps for improving access to the mainstream financial system. Full report.
Banking On Opportunity: A Scan of the Evolving Field of Bank On Initiatives
This report explores the emergence of the Bank On model, which was first developed by the City and County of San Francisco in 2006. Through these programs, city leaders bring together financial institutions, community organizations, financial regulators and other partners to connect residents with free and low-cost bank accounts, financial education and other safe, affordable mainstream financial services.
Join Bank On
JoinBankOn.org unites diverse partners to share tools, resources, and knowledge online about Bank On programs to extend the reach of this movement nationally. Local, state, and regional Bank On coalitions, as well as affiliated partners, can participate in the online community, recruit more partners to their efforts, and build locally tailored programs. By registering, members can use the guides, forums, and key contact lists to speed the process of program development, share relevant resources, and increase the likelihood of local success. JoinBankOn.org is a joint effort of the City and County of San Francisco, the National League of Cities, the William J. Clinton Foundation and McCann Worldgroup.