Governor Schwarzenegger is pushing a program he calls “Bank on California”. It’s aimed at getting more people to establish checking and savings accounts, rather than paying fees to payday lending and check cashing stores. Rosario Marin is the Secretary of the California State and Consumer Services Agency. She cites a study that says eleven-percent of California households don’t have a checking account. She says that may be due in part to fear.
“They’ve never stepped into a bank, so they don’t know, they may have this belief that they don’t have enough money to go into a bank…”
In an op-ed piece co-written with former President Bill Clinton, Schwarzenegger said the average so-called “unbanked” worker will spend 40-thousand dollars over a lifetime to turn their salary into cash.