California governor wants more Californians to open bank accountsok. nice I guess, if you have a buck left after paying your bills.
LOS ANGELES, Jan. 24 (Xinhua) -- California Governor Arnold Schwarzenegger announced on Thursday that California will be the first state in the United States to launch an effort to help working Californians without bank accounts open starter accounts.
"Through 'Bank on California' we will help working families save money by accessing basic financial services others may take for granted -- putting them in the financial mainstream," said Schwarzenegger. "This simple, innovative idea won't cost taxpayers a dime, helps working families get ahead and grows our economy at the same time."uh huh. Seems the working people aren't growing our economy enough.
Americans each year spend 8 billion U.S. dollars for basic financial services through alternative financial institutions such as check cashing outlets, payday lenders and pawnshops, according to a new Brookings Institution report.
This translates into 40,000 dollars over the course of a career for the average full-time worker. In addition, families without bank accounts may not have a safe place to keep their money and can become a magnet for crime.
Oh!! I get it now. Get the poor people to save the banks. Silly me.
I like how this story is in the Chinese news.