First Tech Federal Credit Union, based in San Jose, California, has partnered with Youth Villages Oregon, a children mental and behavioral health organization, to allow foster children under 18 to open a bank account without an adult co-signer in Oregon and southwest Washington. The program will help foster young adults make the transition out of foster care easier, according to a press release.

"We're committed to helping young adults aging out of foster care learn the skills they need to pursue their dreams and fulfill their potential," Andrew Grover, executive director at Youth Villages Oregon, said in the release. "First Tech's been a great partner in our financial literacy efforts, and we are grateful to them for removing significant barriers so our youth can open their own savings account."

The program, which first began in April 2023, has gained interest from other financial institutions to make it more accessible to foster children.

"In the U.S., one in 20 children reside in state foster care systems, and many will 'age out' with no family support system," Candace Elliott, senior member experience manager at First Tech and ambassador board outgoing chair of Youth Villages Oregon, said in the release. "We look forward to continuing this partnership and are optimistic we can make a positive impact on foster youth in our communities by empowering them to grow their savings early on and take charge of their financial future."

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