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OAKLAND, Calif. (KCBS) -- Oakland Mayor Ron Dellums is urging residents to open bank accounts instead of using check cashing services.
Dellums kicked off an initiative Wednesday called Bank on Oakland, in which he said people could save hundreds of dollars a year by switching to a formal banking system. He said it's also a matter of public safety.
"There are persons out there in the community that to use street language, they called them 'walking ATMs', these are folks who carry cash with them because there's no safe place to keep their money," said Dellums.
KCBS' Doug Sovern Reports
According to the Brookings Institution, among American households that lack a checking account, 52 percent include at least one full-time worker, costing the household an average of $40 per payroll check to use a non-bank check casher. This means that full-time worker could potentially save as much as $40,000 during his or her career by relying on a lower-cost checking account instead of check-cashing services.
Bank on Oakland is part of the statewide Bank on California initiative announced by the governor in December 2008. It allows people to open starter checking accounts. San Francisco and San Jose also offer the program.
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