President's Advisory Council on Financial Literacy

Community Financial Access Pilot (CFAP) Community Profile

Bank on Fresno

Community Overview:  Bank on Fresno is working in the City of Fresno, California and surrounding areas to provide access to low-cost accounts and financial education for low- and moderate income individuals, in coordination with the Bank on California initiative.  Fresno, the largest city in California’s agricultural Central Valley, has a diverse and growing population, yet significant levels of poverty and low-wage working families.

Initiative Overview: In conjunction with the Bank on California initiative initiated by the Governor of California, financial institutions in Fresno and across the state are offering starter and second chance accounts to unbanked residents, with the goal of opening 10,000 for unbanked low- and moderate income residents.  Some of the account features are:  no or low-costs, no monthly minimum balance requirements, waiver or refund of one set of overdraft fees per year, and acceptance of a variety of forms of identification.  Additionally, community-based organizations will serve as trusted liaisons in order to educate them on the benefits of using mainstream financial institutions. The coalition consists of community-based organizations which provide a variety of health and human services, working to offer financial education, free tax preparation, and other asset building opportunities.

Partner Organizations as of December 2008:

For more information contact:  Naomi Vernon, Community Consultant at Naomi.Vernon@do.treas.gov

Last Updated: January 22, 2009