CA AB1683

Requires the California Department of Social Services to develop a program providing foster youth aged 12 and older access to savings accounts at financial institutions.

Contracting financial institutions must provide EBT-compatible debit cards, allow the department to monitor account use to ensure continued state and federal benefits, and continue account access if the child reunifies with their family.

Foster youth must complete a department-developed financial literacy class and have been in foster care for at least six months before opening an account.

Allows financial institutions to charge overdraft fees up to $100 and protects them from liability for account establishment or transactions.

Restricts access to savings accounts to the child who established them; parents, guardians, or foster parents cannot access the account without written authorization from the child.