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FACTS
- Too many Californians conducts their financial lives outside the financial mainstream
- Nationally as many as 28 million people are unbanked
- One in five low-income Californians does not have a checking account
- Nearly half of Californians do not have a savings account
- A full-time worker without a checking account could potentially save as much as $40,000 during his career by relying on lower-cost checking account instead of check-cashing services
Financial Partners
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Bank of America
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Bank of the West
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Broadway Federal Bank
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Chase
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Citibank
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City National Bank
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Kinecta Federal Credit Union
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Pacoima Development Federal Credit Union
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U.S. Bank
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Union Bank
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Wedbush Bank
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Wells Fargo
FREQUENTLY ASKED QUESTIONS
• www.weconnect.net
• www.greaterlaeitc.org
• www.211la.org
How much do I need to open an account?
You don’t need a lot of money to open an account. In fact, you can often open your first account for $50 or less.
Can I open a bank account if I have bad credit?
Even if you have bad credit, many banks offer checking accounts that can allow you to rebuild your credit worthiness.
What types of ID do I need to open an account?
You will need two forms of valid identification as well as an official ID number. Many banks accept alternative kinds of identification, like the Matricula Consular.
Do banks ask about your country of origin or immigration status when opening a bank account?
Banks do not ask about your country of origin or immigration status when opening a bank account. There is no law prohibiting banks from serving people without social security numbers.
Does the bank share my information with others?
To protect your personal identity you have the option to sign a non-disclosure form to prevent the bank from sharing your personal information for non bank purposes. Banks do not routinely share information about customers with INS or Homeland Security. Such information can only be obtained through court action as part of a criminal investigation.
What if I was deported or forced to leave the country due to emergency?
If a family were deported or forced to leave the country due to emergency, their money would be safe in a bank. It could be obtained through a wire transfer.
What questions should I ask a banker when opening an account?
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Does the bank have a branch that is near my home or place of work?
• How much money do I need to have to open an account?
• How much money do I need to keep in the account at all times?
• What are the monthly fees for the account?
• Am I charged fees for using an ATM at my bank?
• What am I charged for using another bank’s ATM?
• How much cash can I take out of my account at one time?
• How many checks am I allowed to write?
• What will happen if I “overdraw” or write a check for money that I don’t have in my account?
• Do I have to maintain a minimum balance in my account?
• Are there any special promotions or deals that can help me to save money?
A bank told me I am on ChexSystems. What does this mean and how do I get a copy of my ChexSystems report?
A copy of your ChexSystems report can help you understand why you have been denied opening a bank account. If you have been denied in the past 60 days because of ChexSystems, you can access your report online. Otherwise you can write to ChexSystems, Inc. to send you your report. Click here to access your report.
I have no idea what my credit is like. Where can I get a copy of my credit report?
You are entitled to one free credit report from each of the three credit bureaus (Transunion, Experion, and Equifax) every year. You can request and view your report online. Click here to view your report.
The Federal Reserve Bank has published a pamphlet explaining your credit report, why your credit score is important, and how to use your report. Click here to view this tool.
I think my identity has been stolen. Where can I find help with identity theft?
The Federal Trade Commission provides an entire Web site about identity theft, including how to prevent identity theft and how to recover your identity if it has been stolen. Click here to visit the Federal Trade Commission’s Web site “Fighting Back Against Identity Theft.”
The Federal Reserve Bank has also published a guide on “How to Establish, Use, and Protect your Credit.” Click here to view the guide.
I have a mortgage and now I am worried about being foreclosed; who can I call?
You are not alone. Call the National Foreclosure Prevention Hotline: (888) 995-HOPE where your call will be answered by a homeownership counselor who can understand your situation and help with your next steps. For more information on local help, call 2-1-1 or click here to visit the 2-1-1 Web site.
I am a Mexican citizen and I don’t have a California driver’s license. How do I get a Mexican Matricula card?
To apply for a Matricula card from the Los Angeles Mexican Consulate office, you must make an appointment with the Consulate. Click here to access their Web site and learn about eligibility requirements and how to make an appointment. Or call (877) MEXITEL.
Address: 2401 W. Sixth St., Los Angeles, California 90057
Tel: (213) 351-6800
Fax: (213) 389-9249)
ADDITIONAL RESOURCES
Use this list of resources to get help reducing your everyday expenses, claim all of the credits and benefits you are owed, and start building assets for the future.
Help with Utility Bills
You may be eligible for help with your gas and electric bill. For more information, call PG&E at 1 (866) 743-2273, or click here to visit their Web site.
Lower Your AT&T Phone Bill
If you currently receive Medi-Cal, SSI, Food Stamps, Healthy Families, or WIC, you may qualify for help with up to half the cost of your basic residential phone bill through AT&T California Lifeline. For more information, call AT&T at 1 (800) 288-2020, or click here to visit their Web site.
Affordable Auto Insurance
If you have a good driving record, are at least 19 years old, have had a license for at least 3 years, and own a car valued below $20,000, you may be eligible for auto insurance that costs under $400 a year. To learn more about California’s Low Cost Auto Insurance Program (CLCA), made possible by California’s Department of Insurance, call CLCA at 1 (866) 602-8861, or click here to visit their Web site. Assistance is available in all languages.
Rental Assistance
Get help paying overdue rent, avoiding eviction, or applying for a security deposit to move into permanent housing. For more information, call 2-1-1 or click here to visit the 2-1-1 Web site.