Throughout Los Angeles, people just like you are proving you can start small and think big. Los Angeles Savers are setting financial goals, tracking their spending and taking control of their financial future. These tips and tools can help you set goals, develop strategies to reach those goals, and start saving. So what are you waiting for?
New City-County partnership connects Angelenos with resources to open a safe and affordable bank account
Wed, 04/29/2020 @ 03:00 PM
The CARES Act includes nearly $300 billion for direct payments to low- and moderate-income individuals to mitigate the economic impact of the COVID-19 pandemic. But if Angelenos don't have a bank account, they can't get a direct deposit of the money they're entitled to, which means it will take too long to receive their payments.
That’s why Mayor Garcetti announced a partnership with L.A. County’s Department of Consumer and Business Affairs and its Bank On Los Angeles County initiative led by the Center for Financial Empowerment to make it easy to open a bank account.
Angelenos can open an affordable bank or credit union account online now to claim their Economic Impact Payment faster. You can learn more about opening a Bank On account here.
For those having difficulty opening an account or cashing your checks, you can find a list of partners here who will cash your stimulus payments at no cost. Bank of America, Chase, Wells Fargo, and Union Bank are the first to announce that they’ll waive the cashing fee for non-account holders.
Building wealth starts when you set a goal and make a plan to reach that goal. Whatever goal you choose – whether it’s buying a car, buying a house, or getting out from under your debts – learn about proven savings strategies and get simple tips on the best ways to save. Click on the links below to learn how to: