Press Release: Bank on Oakland

News from
Mayor Ron Dellums

PRESS RELEASE
July 29, 2009

Contact:
Stacy Towles
Bank on Oakland Program Coordinator
510-238-2428

BANK ON OAKLAND TEAMS UP WITH EDEN I&R’s 2-1-1 PHONE LINE TO PROVIDE BANK SERVICES

OAKLAND – By simply dialing 2-1-1, Alameda County residents can quickly obtain information about Bank on Oakland, a program that aims to help an initial 8,000 unbanked city residents open low-cost or no-cost bank accounts as a means toward asset building and financial independence.

Eden I&R, which operates 2-1-1 in Alameda County, and Mayor Ronald V. Dellums today announced that 2-1-1 will serve as the primary phone number for residents seeking information about Bank on
Oakland.

Bank on Oakland is led locally by Mayor Dellums, United Way of the Bay Area, and a volunteer coalition of local financial institutions, community-based organizations, and other interested partners. Bank on Oakland is part of Governor Arnold Schwarzenegger’s larger Bank on California effort to bank 100,000 Californians over two years. During the next few months, the coalition will use targeted advertising and consumer education in multiple languages to promote low- or no-fee bank accounts.

“Bank on Oakland encourages unbanked residents to open bank accounts, by making banking options more accessible,” said Mayor Dellums. “By partnering with Eden I&R’s 2-1-1, we’re enabling Alameda County residents to obtain current information about participating banks and free financial training, in
over 150 different languages with one call to 2-1-1.”

“Thousands of low income Oakland residents call 2-1-1 every month seeking a variety of services,” said Barbara Bernstein, Executive Director of Eden I&R. “Public-private partnerships like the Bank On Oakland provide additional, critical services for people who are putting themselves at personal and financial risk by not having a bank account. By calling 2-1-1 and finding out about the closest participating bank, an individual no longer needs to carry around unnecessary cash nor pay fees to have
their checks cashed.”

For a list and locations of participating financial institutions call 2-1-1 or visit
www.BankOnOakland.ca.gov. You can also call 2-1-1 if you would like to partner with Bank on Oakland to educate your community about their banking options.

About Bank on Oakland

Bank on Oakland aims to make mainstream banking products and services more accessible to the 30,000 estimated Oakland households who currently have no checking or savings accounts. Everyone is welcome to open accounts at bank branches in Oakland, and then make transactions elsewhere. Without access to banking services, people are forced to rely on high-cost check cashers, paying hundreds of dollars each year in fees just to cash checks and pay bills. Bank on Oakland brings together 12 banks and credit unions
to offer low- or no-cost accounts and financial training to unbanked residents. The 12 participating banks and credit unions are: Bank of America, Bank of the West, Citibank, Chase, Oakland Municipal Credit Union, OneCalifornia Bank, Patelco Credit Union, People’s Federal Credit Union, United Commercial
Bank, Union Bank, Wachovia, and Wells Fargo.

About 2-1-1

2-1-1, a service of Eden I&R in Alameda County, is an easy-to-remember, three-digit phone number that connects people in need with health and human services. This free, confidential, 24-hour multilingual information line also serves as a vital link for individuals seeking to volunteer, provide resources and
assist during times of crisis.

About Bank on California

Bank on California is the Governor’s statewide initiative that brings together a local collaboration charged with giving unbanked households access to mainstream financial products and services, where they can begin saving, build a credit history, gain access to lower-cost sources of credit, and invest for their future.

Bank on California, modeled after Bank on San Francisco, is operating in five cities: Fresno, Los Angeles, Oakland, San Francisco and San Jose. Sacramento is planning to launch in late summer.

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