SACRAMENTO – As many as two dozen credit unions are expected to offer the state’s underbanked population low-cost savings and checking accounts as part of a "Bank on California" program being rolled by Gov. Schwarzenegger at the Capitol this morning.
The program is modeled the successful two-year-old "Bank on San Francisco," which added more than 31,000 unbanked to the ranks of credit union or bank customers.
Officials with the California CU League, which is organizing credit union participation in the statewide program, hope "Bank on California" will help low- and middle-income Californians establish savings plans, build a credit history, foster access to credit and improve money-management skills.
The program will initially be focused on the cities of San Francisco, Oakland, San Jose, Fresno and Los Angeles.
Former President Bill Clinton, whose Clinton Foundation focuses on financial literacy, as well as mayors form the participating cities and credit unions are expected to participate in this morning’s kick-off.
