Posts Tagged ‘Schwarzenegger’

Bank on San Jose

Bank on San Jose is part of the Bank on California initiative launched by Governor Schwarzenegger, which brings more working class families into mainstream financial markets by encouraging the opening of special low-cost, starter bank accounts.

In San Jose, more than $25 million in fees were paid to non-bank check-cashing services and payday lenders in 2006. Checks totaling more than $574 million were cashed through non-bank check-cashing services.

“Imagine the economic and social benefits of keeping this $25 million in the hands of low and middle-income San Jose residents,” Carole Leigh Hutton, United Way Silicon Valley President and CEO said. “It could be used to build assets like a home, business, education or retirement savings.”

Requirements vary at the participating banks and credit unions with opening deposits ranging from $1.00 to $100.00, no monthly fee to $5.95, and most not requiring a minimum balance. I did not readily see the difference between regular accounts and the Bank on San Jose accounts for some institutions where as with others there was a significant advantage. It would be advantageous to check your options closely. Detailed information of the participating banks and credit unions here (PDF).

More information is available on the United Way Silicon Valley website.

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