Bank on L.A. program launched

Mayor Antonio Villaraigosa announced a new city program Tuesday aimed at getting low-income workers to deposit their paychecks in banks instead of cashing them at liquor stores and other check-cashing spots.Brandon Lowrey in the Daily News.

The Bank on L.A. program is a partnership between several banks and city government. It involves an educational campaign in lowest-income areas, including Pacoima, and requires banks to offer starter accounts with reduced fees to attract residents with small paychecks.

Villaraigosa said he hopes it could start getting an estimated 300,000 L.A. households without bank accounts to open them. The city has one of the lowest rates of possessing bank accounts in the nation.