Bank On LA

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

Bank of America
Bank of the West
Broadway Federal Bank
Chase
Citibank
City National Bank
Kinecta Federal Credit Union
Pacoima Development Federal Credit Union
U.S. Bank
Union Bank
Wedbush Bank
Wells Fargo

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.

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