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Coronavirus: BankOn Initiative Seeks To Expand Access To Safe, Affordable Banking Services

LOS ANGELES (CBSLA) — Mayor Eric Garcetti Tuesday announced a new partnership to provide Angelenos without a bank account the ability to open one, safely and affordably.

Garcetti said the city was partnering with Los Angeles County's Department of Consumer and Business Affairs and its Bank On Los Angeles County initiative, led by the Center for Financial Empowerment, to connect Angelenos to banking resources.

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The mayor said bank accounts were vital in order for people to receive federal economic stimulus payments quicker, giving them access to much-needed relief in the wake of the coronavirus pandemic.

"Unfortunately, too many Americans and too many Angelenos don't have a bank account," Garcetti said. "That means they can't get a direct deposit to the money that they're entitled to, and it's taking too long to receive payments that they deserve and that they need right now. This speaks to a painful, unjust reality at the heart of our economic system that predates this current crisis."

People in need of a bank account or who want more information about the BankOn initiative can learn more and apply online.

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