"As California grapples with a rising cost of living, many residents remain locked out of basic financial services. To address this, the state legislature is considering a proposal to establish state-run bank accounts, giving Californians a way to save money without incurring fees or maintaining a minimum balance.

The CalAccount program would establish voluntary, zero-fee, zero-penalty, federally-insured transaction accounts that could help people who currently have limited access to banking options."