Bank on San Francisco is the first comprehensive program in the United States to serve the "unbanked," those who live without access to mainstream financial institutions and are forced to rely on expensive check-cashing services. In December 2005, Mayor Gavin Newsom and Treasurer José Cisneros challenged every local financial institution to partner with the City and help remove barriers that have historically kept the unbanked out of the financial mainstream. A steering committee (comprising the Treasurer's Office, the Federal Reserve Bank of San Francisco, and the nonprofit EARN) worked with local community organizations, banks, and credit unions to develop a program that would:
- change bank products and policies to increase the supply of starter account options for this market;
- raise awareness among consumers about the benefits of account ownership;
- provide qualified San Franciscans with the opportunity to open low-cost, starter bank accounts; and
- provide quality financial education to San Franciscans, to help them start saving for the future.
Now, every San Franciscan has the chance to open an account with the bank or credit union that works best for them, and to start saving for the future. Our goal is to open 20,000 new accounts by the end of 2008, and put thousands of families on the road to financial security.
