Youth in Los Angeles County foster care as young as 13 can open their own checking and savings accounts without an adult co-owner through the Youth Access Banking program.

The program is made possible through a partnership between SCE Credit Union and the Los Angeles County Auditor-Controller’s Ombudsperson for Youth in Short-Term Residential Therapeutic Programs, whose office advocates for youth placed in group homes.

This program helps those who are disproportionately disadvantaged establish a path toward financial independence by removing barriers to opening a bank account such as those with limited forms of identification, waiving account fees and providing a $5 deposit to establish an account.

“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.

“Research consistently shows that providing youth with access to basic financial services generates greater knowledge and resilience, empowering them to navigate future financial challenges,” said Ombudsperson Michelle Lucarelli-Beltran, who is leading the efforts on the program.

As part of this effort, the Ombuds and SCE Credit Union are helping youth directly in their home settings by educating them about this free financial benefit and walking them through the steps of opening their first bank account.

“Financial empowerment is not just about wealth,” SCE Credit Union President and Chief Executive Officer Jennifer Oliver said. “It involves the ability to control your own destiny and transform dreams into reality through sound financial decisions.”

For more information on the program, call (888) 445-1234 or e-mail afriend@auditor.lacounty.gov.

To apply for a bank account, visit scefcu.org/youthaccessapp/.