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Assembly committee advances ‘CalAccount’ proposal to create zero‑fee state banking option
Summary
The Assembly committee on Thursday voted to pass AB 1365, a bill that would create ‘CalAccount,’ a state‑facilitated, zero‑fee debit account aimed at unbanked and underbanked Californians.
The Assembly committee on Thursday voted to pass AB 1365, a bill by Assemblymember Garcia that would establish “CalAccount,” a state‑facilitated, zero‑fee debit account designed as an on‑ramp for unbanked and underbanked Californians.
AB 1365 would create a program administered by the state treasurer’s office to offer checking‑style accounts with no monthly fees, no overdraft penalties and no minimum balances, and to build a retail network of private financial partners that provide fee‑free cash deposits and withdrawals. Supporters framed the bill as a way to bring households that currently rely on cash and alternative financial services into the mainstream banking system.
Assemblymember Garcia said the bill is intended to remove banking barriers for low‑income households and survivors…
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