Important Announcement on Wells Fargo’s Suspension from Bank On SF

On Friday, September 23rd, following evidence that Wells Fargo engaged in “widespread illegal practices” around account openings, sales targets and compensation incentives, San Francisco Treasurer José Cisneros suspended Wells Fargo from the Bank On San Francisco program. Effective immediately, Wells Fargo has been removed from the program and all marketing/educational materials.


 

Exciting Changes Are Coming to
Bank On San Francisco!

Bank On San Francisco has helped tens of thousands of San Franciscans enter the financial mainstream by opening safe and affordable bank accounts. A bank account is the first step to financial security, and creates opportunities: to build savings; improve credit scores, avoid predatory loans, and plan for a financially successful future.

But our work is not done. Far too many people who live or work in San Francisco remain unbanked, and are forced to rely on expensive fringe financial services. That is why Bank On San Francisco is preparing to relaunch in 2017, with new and improved tools for consumers and service providers, an updated website, more partnerships to help connect people with the accounts they need, and financial products that are even safer and more affordable for San Franciscans.

Nationally, our Office of Financial Empowerment worked closely with the Cities for Financial Empowerment Fund to develop new National Bank On Account Standards; these new Standards, informed by the FDIC’s Model Safe Accounts Template, create a benchmark for our partner Banks and Credit Unions to meet in developing products that are as safe and affordable as possible. San Francisco was the first city in the country to endorse the National Standards, at an event featuring FDIC Chairman Martin Gruenberg.

Everyone deserves a bank account. It doesn’t matter how much money you have, if you are a US citizen, or whether you have had trouble banking in the past. With Bank On San Francisco, everyone is welcome.

Check back with us to see more changes
in the coming months!