Banking for the People
This report presents findings from a new and original field survey of California bank branches in order to underscore the shortcomings of the current banking industry.
The survey focused on access barriers to in-person banking, and in particular found:
Race and language disparities in access to information and equal treatment while at bank branches;
A prevalence of overdraft-fee-based accounts and a reticence on the part of bank staff to disclose cheaper alternatives when those options exist; and
A near-total lack of no-fee, no-minim
Lessons from California on the Failures of the Banking Status Quo
Emily DiVito
Roosevelt Institute | SEPTEMBER 2022
The Cost of Financial Exclusion
Understanding the impact of the unbanked in California
Giacomo Bagarella, Andrea Batista Schlesinger, Kate Owens, and Garrett Rapsilber
HR&A Advisors | MAY 2021
Californians have unequal access to banking, costing the economy billions of dollars a year, keeping people in poverty and increasing the cost of providing social services. Providing universal access will benefit households, local economies and taxpayers .
One in four Californians lacks full access to the financial system.
Minority, low-income and immigrant households are the most affected.
Access is uneven across the state.
Californians spend a large share of their earnings on services outside of the financial system.
Universal financial access will have huge benefits to the California economy.
Providing universal access to a bank account will require action from public and private actors.
