The push among lawmakers and consumer groups for a fee-free banking service that would eliminate the need for the unbanked to turn to check cashers and payday lenders has grown in recent years.
“California families are losing hundreds of millions of dollars in fees a year to payday lenders and check cashing stores that prey on the most vulnerable,” Democratic Assemblymember Miguel Santiago, lead author of the bill, said in a statement. “With BankCal, more families will be able to keep the money they’ve earned, put food on the table, and build their savings.”
