The California Reinvestment Coalition (CRC) is concerned that the increases in cost and fees on bank accounts will push lower income people out of mainstream banking. In response, CRC will roll out a new project to meet critical banking needs for unbanked and under-banked Californians. CRC is aiming to develop a low-cost, low-fee checking account that can help low-income and unbanked Californians save money, protect their assets, and establish a mainstream financial presence to help build credit. As always, CRC will not only develop the product, but advocate for its adoption by financial institutions as soon as early 2012.
With your support, CRC will be able to expand our fight for fair and affordable banking products that work for all communities. Nearly 3 million Californian households are unbanked or under-banked. One in five low-income Californians do not have a checking account and one in two does not have a savings account. Forty-seven percent of Black households and forty percent of Hispanic households in California are unbanked or underbanked, compared to only 13% of white households.
Help CRC fight against expensive bank accounts by donating now. Every dollar counts.
Please use this form to make your tax-deductible donation to CRC’s Affordable Banking campaign. We will publicly thank every donation of $100 or more in our quarterly newsletter, the Community Reinvestment News.
Thank you in advance for your contribution. It is the individual support of Friends of CRC that play a critical role in supplementing foundation and other resources on special projects like this one. We could not do this work without the support of friends like you.
Click here to access the donation form. Thank you.