LOS ANGELES – Two local credit unions, Kinecta FCU and E1 Financial CU, have joined banks and community groups in a new program aimed at getting the city’s unbanked to open an insured deposit account.
An estimated 300,000 Los Angeles households do not have a formal credit union or bank account, more than in any other U.S. city, Mayor Antonio Villaraigosa, said in unveiling the Bank on Los Angeles program.
The program is modeled after a similar initiative launched in San Francisco and subsequently in San Antonio, Houston and other cities.
So far a dozen financial institutions have agreed to waive the usual fees for a checking account or offer a low-cost alternative for an average of about $5 a month.
Other participants include: Bank of America, JPMorgan Chase, Citibank and Wells Fargo, as well as East LA Community Corp., Community Financial Resource Center,
