Bank On San Francisco was founded in 2006 by the Treasurer's Office after recognizing that too many San Franciscans had no bank account and were forced to rely on costly fringe financial services like check cashers and payday lenders. San Francisco's program was the first of its kind in the nation and sparked a national movement of cities working to connect residents to safe, affordable accounts. The results were significant: unbanked rates in San Francisco fell from an estimated 15 to 20 percent in 2005 to under 3 percent by 2019. 
Learn how a Bank On SF-certified account can help you protect your earnings, build your credit, and keep more of your hard-earned money where it belongs—with you.
 
The Problem: Being Unbanked is Expensive.

Check cashers, payday lenders, and prepaid debit cards charge high fees that add up to hundreds of dollars each year. 

The Cost of Being Unbanked vs. The Power of Bank On:
Financial service

Unbanked - Check cashers, prepaid debit card*

Bank On SF Certified Account
Check cashing

15% of your check

$0

Debit transactions

$3 per purchase

$0

ATM withdrawal

$3 per withdrawal

$0

Cash deposit

$5.95 per reload

$0

*Maximum amounts from California law and 2024 RAND State of Banking in California study.

Fintech apps have hidden fees and less protection
Fintech apps offer convenience but can also carry costs like subscription fees and tips. Plus, your money may not be protected by FDIC insurance as it would in a bank.

Traditional bank accounts can be expensive too
Banks and credit unions can also charge high fees for things like monthly maintenance, dropping below the minimum balance requirement, or overdraft protection.
 

The Solution: A Bank On SF-certified account eliminates these fees – that means more money in your pocket.
  • No overdraft or other hidden fees
  • Minimum opening deposit of $25 or less 
  • Low monthly fees of $10 or less
  • No minimum balance requirements
  • Accept alternative forms of ID
  • Flexibility with prior negative banking history
  • Online and mobile banking
 
Get Connected Today: Bank On SF-certified accounts are safe, low-cost, and available through banks and credit unions throughout the city.