The Office of Financial Empowerment is committed to helping anyone who lives, works, or receives services in San Francisco successfully manage the 2026 tax season by providing clear guidance on new federal requirements and local savings opportunities.
With major federal shifts now in effect—including the end of paper checks and the introduction of new $1,000 child savings accounts—it is more important than ever to ensure you are prepared to receive and protect every dollar you are owed. Please review the sections below for affordable banking resources and access free, confidential financial counseling available to everyone who lives or works in San Francisco.
1. End of Paper Checks for Tax Refunds
- Who needs this resource: Anyone planning to receive their tax refund as a paper check
- Brief description: As of 2025 tax year, all tax return payments will be made electronically. The US Treasury will no longer send paper checks. If you have a bank account, sign up now for electronic payment. If you do NOT have a bank account where you can receive direct deposits, please see below for resources to help you open a safe, affordable account.
- Next steps:
2. New Child Savings Accounts (530A)
- Who needs this resource: Families with babies born in the U.S. between 2025-2028 (any income level); and families with children under 10 born before 2025 who live in a zip code with median income up to $150,000.
- Brief description: Parents of children born 2025-2028 can open an account and elect to receive a $1,000 deposit for their child’s use at age 18. Children under age 10 may receive a $250 deposit into their 530A account. The child must have a Social Security number that is valid for employment. The taxpayer (parent or guardian) may have a Social Security Number or Individual Taxpayer Identification Number (ITIN). The funds will not affect means-tested public benefits while the beneficiary children are under age 18.
- Next steps:
- Complete IRS Form 4547 to establish an account and opt in to receive the $1,000 seed deposit for children born in 2025.
- Visit trumpaccounts.gov to learn how to enroll older children and for the most up to date information.
3. Bank On San Francisco
- Who needs this resource: Unbanked or underbanked tax filers
- Brief description: Bank On San Francisco helps you find a safe, affordable bank account, with no overdraft or hidden fees. It doesn't matter how much money you have, if you don't have a social security number or California ID, or if you've had trouble banking in the past. With Bank On San Francisco, everyone is welcome!
- Next steps:
- Visit: Find Bank Account | Office of Financial Empowerment
- Make an appointment for free financial counseling to help select the account that is right for you: https://www.sfgov.org/ofe/meet-financial-counselor/make-appointment.
4. San Francisco Financial Counseling
- Who needs this resource: Anyone who lives, works, or receives services in SF
- Brief description: Offered by the Office of Financial Empowerment (OFE), San Francisco Financial Counseling is a free, confidential service available to anyone who lives, works, or receives services in San Francisco. Financial counselors work with clients one-on-one to identify barriers to mainstream financial services and then outline clear and actionable steps toward resolution.
- Next steps:
