One in two Black and Latino households, and 1 in 4 California households, are currently unbanked or underbanked, meaning that they lack access to basic financial services. The unbanked and underbanked are paying disproportionately more to access the money they earn, lack secure means to save, and have fewer opportunities to build credit.
Unbanked and underbanked Californians lack access to basic financial services we take for granted, such as the direct deposit of paychecks to automatic bill pay and recurrent contributions to their organizations or charities.
BankCal bridges the financial services gap that disproportionately impacts low-income workers and communities of color. By providing zero-cost access to financial services, BankCal reduces the risk of poverty and homelessness facing communities by addressing the financial exclusion of Black, brown, immigrant and low-income people.
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