Topic: Looking For Money To Payday Loans With Savings Account - Program helps low-income SF residents start bank accounts - San Francisco Chronicle
Johnson belonged to one of the estimated 50,000 “unbanked” households in San Francisco until March, when she took advantage of a program called Bank on San Francisco, in which the city, the Federal Reserve, and 15 banks and credit unions partnered to put checking and savings accounts within closer reach of the urban poor. Moreover, a new ordinance to offer a city identification card to all San Francisco residents - regardless of whether they are in the country legally - was in part motivated by a desire to make it easier for low-income people to open traditional bank accounts. More than 10,000 Working Families Credit checks were sent out in the first year, but many of the people receiving those checks did not have bank accounts and cashed those payments at check-cashing stores, said city Treasurer Jose Cisneros. Soon after those first checks went out, Cisneros convened a meeting of banks and credit unions in the city to address the lack of savings and checking accounts, which is where the Bank on San Francisco idea took form. Learn more
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