By simply dialing 2-1-1, Alameda County residents can quickly obtain information about Bank on Oakland, a program that aims to help an initial 8,000 unbanked city residents open low-cost or no-cost bank accounts as a means toward asset building and financial independence.
“Bank on Oakland encourages unbanked residents to open bank accounts, by making banking options more accessible,” said Mayor Dellums. “By partnering
with Eden I&R’s 2-1-1, we’re enabling Alameda County residents to obtain current information about participating banks and free financial training, in over 150 different languages with one call to an easy to remember three-digit number; 2-1-1.”
Bank on Oakland is led locally by Mayor Dellums, United Way of the Bay Area, and a volunteer coalition of local financial institutions, and community-based organizations. Bank on Oakland is part of Governor Arnold Schwarzenegger’s larger Bank on California effort to bank 100,000 Californians over two years.
“Thousands of low income Oakland residents call 2-1-1 every month seeking a variety of services,” said Barbara Bernstein, Executive Director of Eden I&R. “Public-private partnerships like the Bank On Oakland provide additional, critical services for people who are putting themselves at personal and financial risk by not having a bank account.
Bank on Oakland aims to make banking products and services more accessible to the 30,000 estimated Oakland households who currently have no checking or savings accounts. Everyone is welcome to open accounts at bank branches in Oakland, and then make transactions elsewhere. Without access to banking services, people are forced to rely on high-cost check cashers, paying hundreds of dollars each year in fees just to cash checks and pay bills. Bank on Oakland brings together 12 banks and credit unions to offer low- or no-cost accounts and financial training to unbanked residents. For a list and locations of participating financial institutions call 2-1-1 or visit www.BankOnOakland.ca.gov.
Bank on California, modeled after Bank on San Francisco, is operating in five cities: Fresno, Los Angeles, Oakland, San Francisco and San Jose. Sacramento is planning to launch in late summer.
2-1-1 is a free, confidential, 24-hour multilingual information line that connects people in need with health and human services. It also serves as a vital link for individuals seeking to volunteer, provide resources and assist during times of crisis.