California Public Banking Option Act
Nearly half of Black and Latino California households are unbanked or underbanked and must pay high fees to check cashing joints or payday lenders just to be able to spend the money they’ve earned. The consequences are real and stark: it’s harder to build credit, take out a loan or save for large expenses. AB 1177 will create a financial services platform, BankCal, with existing financial institutions to give workers access and control over their own finances.
Take Action: Share Your Story & Help Pass AB 1177
Everyone deserves to have power over their finances, improve their quality of life, and the chance to rebuild after the pandemic, but nearly half of Black & Latino California households don’t have access to basic financial services like check cashing or debit card accounts. We need a public banking services option to close the financial services access gap.
Leaders in Sacramento need to hear from everyday Californians who aren’t able to access financial services without having to pay high fees to cash our paychecks or having to turn to buying cashiers checks or pre-paid debit cards to pay our bills.
Share your story and help pass AB 1177, the California Public Banking Option Act, also known as BankCal. BankCal offers every Californian the opportunity to open a zero-fee, zero-penalty debit account and debit card, direct deposit of paychecks, electronic bill pay, and an infrastructure to help account holders build credit.