LOS ANGELES–SCE Credit Union said it has entered into a partnership with Los Angeles County through which foster care youth as young as 13 can open their own checking and savings accounts – without an adult co-owner – through the credit union’s Youth Access Banking program.
“The program helps foster youth establish a path toward financial independence by removing barriers to open a bank account, including accepting alternative forms of identification and waiving account fees,” the credit union said.
SCE FCU said it will also provide youth with an initial $5 deposit to establish their savings account.
The program is a joint partnership between SCE FCU and the Los Angeles County Auditor-Controller’s Ombudsperson (Ombuds) for Youth in Short-Term Residential Therapeutic Programs, whose office advocates for youth placed in group homes.
‘About More Than Empowerment’
“This partnership is about more than financial empowerment for LA County's foster youth,” Jennifer Oliver, president and CEO of SCE Credit Union, said in a statement. “It’s also about ensuring this community has the knowledge and resources necessary to make informed financial decisions to start investing in their futures. Providing these essential banking services and education is core to our mission and vision. Investing in LA County’s foster youth provides valuable opportunities for these young adults and the communities in which they live.”
The program also features complimentary sessions by SCE FCU to foster youth in their home settings to answer any questions about the Youth Access Banking program and, if necessary, help them through the steps of opening their first bank account.
‘Lifelong Success’
“Early exposure to financial literacy and money management skills lays a crucial foundation for lifelong financial success. I am proud our office is leading the way for youth in foster care in the State and providing important financial resources they can use throughout their life,” Auditor-Controller Oscar Valdez said in a statement.
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