Banking

Financial counselors work with you to create a personalized financial plan that fits your goals and situation. They can help you:

  • Understand how a bank account can save you money on fees such as check cashing, money orders, wire transfers and remittances.
  • Ensure you have access to an affordable bank account.
  • Identify ways to reduce bank fees.
  • Help you open a bank account if you don't have one.
  • Assist with fixing bank accounts affected by ChexSystems.
  • Discuss bankruptcy options and if necessary, refer you to a bankruptcy attorney.

Bank On San Antonio

Bank on San Antonio is a City of San Antonio sponsored program that empowers individuals and families to improve their financial capability, health and independence. The program connects residents to safe and affordable or free first-time accounts at our partner banks and credit unions in the San Antonio area.

It is important that residents have access to resources that help lay a solid foundation for banking and financial empowerment. Our coalition is particularly focused on unbanked and underbanked populations and populations needing second chance banking options.

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Why it Matters

  • About 10.4% of San Antonio households are unbanked (no checking or savings account.)
  • About 25% are underbanked (have an account but still rely on expensive alternative financial services).
  • Low-income families are hit hardest by these challenges. For example, a household earning $32,000 a year can spend up to $2,400 annually just on fees at check-cashing stores. This money can be better used for bills, savings or emergencies.

Statistics

Texas Population: 28.7 million
Unbanked: 9.5% (2.7 million people)
San Antonio Population: 2.55 million
Unbanked: 10.4% (265,300 people)

History

Started in 2020, Bank On San Antonio helps connect consumers to safe and affordable banking products certified as meeting the Cities for Financial Empowerment Fund Bank On National Account Standards (PDF). Bank On San Antonio identified strategies to increase collaborative efforts that would connect San Antonio residents to safe and affordable mainstream financial products and services. These products often don’t require a minimum opening deposit, have overdraft fees, or other strict requirements.

Our coalition represents financial institutions, community-based organizations and local government to provide:

  • Products, services and resources including financial and entrepreneurial education.
  • Personal and business coaching and counseling.
  • Credit building and savings programs.
  • Employment assistance.
  • A variety of additional financial empowerment programming.

Our Partners & Bank On Certified Accounts

  • Bank of America - Advantage SafeBalance Banking Account
  • Truist Bank (formerly BB&T) - MoneyAccount Prepaid Debit Card
  • Cadence Bank - Blue eChecking Account
  • Chase Bank - Secure Banking Account
  • Wells Fargo - Clear Access
  • River City Federal Credit Union - Fresh Start Checking Account
  • Family Service Association (FSA)
  • City of San Antonio
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