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  • WHY DO I NEED AN ACCOUNT?
  • HOW DO I OPEN AN ACCOUNT?
  • MANAGING YOUR FINANCES
  • PARTNERS

Community Based Neighborhood Partners

  • •   East LA Community Corporation
  • •   Community Financial Resource Center
  • •   Pacific Asian Consortium in Employment
  • •   Valley Economic Development Corporation 
  • •   United Way of Greater Los Angeles 
  • Financial Partner
  • •   The Annenberg Foundation
  • •   Annie E. Casey Foundation
  • •   Wells Fargo/Wachovia
    •   US Bank
    •   Cathay Bank
    •   Broadway Federal Bank 
    •   Bank of America
    •   Bank of the West
    •   Citibank
    •   City National Bank
    •   E1 Federal Credit Union
    •   JPMorgan Chase/WAMU 
    •   Kinecta Federal Credit Union
    •   Union Bank of California

WHY BANK ON LA?

Greater Los Angeles? is the third least banked market in America (percentage-wise) and first in absolute numbers.  In fact, approximately 20% of all households in the City of Los Angeles (a city of an estimated 3.8 million residents) do not have any bank accounts.  Significantly, a closer look at the data shows that these unbanked are highly concentrated in low-moderate income (LMI) communities: that approximately 30% of those living in LMI communities are unbanked and that 75% of Los Angeles check cashing operations – used as alternatives to mainstream financial institutions - are located in LMI census tracts.

The consequences of being unbanked or underbanked in today’s economy are significant: it blocks pathways to savings and greater assets (education, auto, home, business), and it drains wealth from L.A.’s most vulnerable residents and communities. Using alternative financial services can cost families up to $1,000 a year, which means that over $54 million in check cashing fees and $88 million payday loans fees are leaving Los Angeles communities – for the most part, these dollars are leaving the communities that need it most.

HOSTING A FINANCIAL TRAINING

Bank on LA offers free, high-quality financial training for clients through
our community partners.

PARTNER WITH US

Bank on LA invites community organizations and banks and credit unions to partner with us, and help us reach even more unbanked Angelenos.

DOWNLOAD MATERIALS

Find free downloadable materials, including Bank on LA marketing collateral.

PRESS

Learn about Bank on LA and our strategic partners, and read press coverage about the growing state and national movement to make checking accounts and financial services available for all.
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