SACRAMENTO, Calif. – This city is one of seven in California to join Gov. Arnold Schwarzenegger's “Bank on California” initiative, aimed at signing up tens of thousands of unbanked residents to traditional credit union and bank accounts.
The goal of the Bank on Sacramento program is to help 6,000 unbanked Sacramento residents open a no- or low-cost starter checking or savings account and get on the path to financial stability.
The program is modeled after similar efforts in San Francisco, Los Angeles, San Jose and several other California cities.
So far, 11 financial institutions have signed on to the new program, including Patelco CU, SAFE CU, Schools Financial CU and Travis CU, as well as Bank of America, Bank of the West, BBVA Compass, Chase Bank, Citibank, Union Bank and Wells Fargo.
