SAN FRANCISCO — Two community development credit unions were among the 17 banks and credit unions honored recently by San Francisco leaders for the effort to help lower income and unbanked San Franciscans.
According to the National Federation of Community Development Credit Unions, the $9 million Mission San Francisco FCU and $9 million Northeast Community were honored along with the $4.2 billion Patelco CU, $1.8 billion Redwood CU, $695 million San Francisco FCU and $134 million Spectrum CU.
The credit unions participated along with banks in the Bank on San Francisco campaign in which they agreed to offer basic, no-fee accounts geared towards low-income and unbanked individuals, with the city underwriting the cost of promotional materials and advertisement for the program.
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The Federation reported that participating program partners opened 31,247 new accounts with previously unbanked consumers. The organization also reported that 80% of those accounts (24,714) remain open with average account balances of $980. Total annual savings for the newly banked individuals exceeds $19 million.
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