By Abner Galino
THE County of Los Angeles Center for Financial Empowerment, housed within the Department of Consumer and Business Affairs, is proud to celebrate the launching of BankOn Los Angeles County, a program designed to connect residents to safe and affordable financial products, regardless of their immigration status.
This coming August 18, the CFE will host a free event that will connect Los Angeles County residents to checking accounts and financial empowerment resources. The public is invited to attend the free event, which will be from 9 a.m. to 12 noon, at the Barrio Action Youth and Family Center, 4927 Huntington Dr. #200 Los Angeles, CA 90032.
The CFE and BankOn financial institution partners will help consumers understand the benefits of banking and start the process of opening a checking account.
Attendees can also learn about credit, how to save for college and get first-time home buying tips at financial education workshops.
“Our County residents have worked hard to earn their paycheck, it is important that they have access to affordable and secure financial services that help them safeguard every cent,” said DCBA Interim Director Joseph M. Nicchitta.
“Families could lose up to US$45,000 a year by using expensive check-cashing services. Our BankOn Los Angeles County partners provide residents with low-cost alternatives.”
BankOn Los Angeles County offers multiple checking accounts that include features such as free check cashing services, no overdraft fees and unrestricted customer service.
Three accounts were specifically developed for the program by SCE Federal Credit Union, Self-Help FCU and First Foundation. Consumers can learn more about the program and the available accounts by dcba.lacounty.gov/bankon.
The County of Los Angeles Board of Supervisors created the Center for Financial Empowerment to lead regional efforts to build stability and household wealth L.A. County residents with low to moderate incomes.
For more information on the Center for Financial Empowerment and its visit dcba.lacounty.gov/financial-empowerpment or, follow the Center for Financial Empowerment on Twitter @LACountyCFE.