Establishes the CalAccount Program to provide a no-fee, zero-penalty transaction account for Californians.

The CalAccount Program is established to provide every Californian with access to a federally insured, zero-fee, zero-penalty transaction account. The program aims to protect consumers from predatory, discriminatory, and costly alternatives by offering a secure and formal process for designating a verified third-party address as a mailing address. The program also seeks to maximize access to funds, minimize unfair account closures, and protect against financial abuse.

Establishes the CalAccount Program to provide a no-fee, zero-penalty transaction account for Californians.

The CalAccount Program is established to provide every Californian with access to a federally insured, zero-fee, zero-penalty transaction account. The program aims to protect consumers from predatory, discriminatory, and costly alternatives by offering a secure and formal process for designating a verified third-party address as a mailing address. The program also seeks to maximize access to funds, minimize unfair account closures, and protect against financial abuse.