Many people joke about stashing their cash under the mattress, but what if that were really the only option? Bank on San Francisco, a public-private partnership formed by the city and several financial organizations, gives citizens access to bank accounts and financial education. When the pilot launched in September 2006, there were 50,000 unbanked households in the city. After two years, 25,000 of them had signed up for accounts. One reason many people hadn't had checking accounts is they lacked government-issued U.S. IDs. Under the Bank on San Francisco program, the 17 participating banks and credit unions must accept Mexican and Guatemalan IDs. The initiative allows participants a safe place to keep their money as well as an alternative to the check-cashing services that often take 5% or more of their net income each year. It also includes money-management training. Other cities across the country are copying the program, and Governor Arnold Schwarzenegger signed a bill in December to expand it statewide in California.
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Recent Comments | 16 Total
June 19, 2009 at 3:42pm by Kenneth Fax
This is an impressive report. The report gives hope in a bad economy. What is your choice?
June 19, 2009 at 3:42pm by Kenneth Fax
This is an impressive report. The report gives hope in a bad economy. What is your choice?
July 22, 2009 at 3:36am by Smith William
Yes thats true. This is an impressive report. The report gives hope in a bad economy. What is your choice?
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July 22, 2009 at 3:37am by Smith William
Other cities across the country are copying the program, and Governor Arnold Schwarzenegger signed a bill in December to expand it statewide in California.
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October 1, 2009 at 5:52am by daycare daycare
We can do a lot in cities like San Fransisco. It is just like most cities in Singapore and Taiwan where people are highly-productive and a bit workaholic. Developing countries should learn from them. Thank you!
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October 3, 2009 at 5:38am by Namasaja Namasaja
Sometimes it is safe to keep the cash under the mattress. Maybe it is safer to do so in San Fransisco because bank accounts can not guarantee prompt payment all the time, but the rule does not apply all the time. What is your house get fired, flooded, or there is earthquake? hk fashion
October 3, 2009 at 5:42am by Namasaja Namasaja
Sometimes it is safe to keep the cash under the mattress. Maybe it is safer to do so in San Fransisco because bank accounts can not guarantee prompt payment all the time, but the rule does not apply all the time. What is your house get fired, flooded, or there is earthquake? hk fashion
October 3, 2009 at 6:21pm by Namasaja Namasaja
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November 5, 2009 at 1:51pm by Eric Sandler
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