5....uhhh 6 Reasons Why You Need A Banking Account

Convenience
Having a checking account where you can deposit checks, being able to use a debit card to make purchases and withdraw money from ATMs all help reduce the need to carry cash. As the world becomes more and more reliant on new technology, carrying cash will seem old-fashioned and being "electronic" will be the standard. And there are advantages to being able to bank online: You can pay bills and keep track of your spending. You can have checks automatically deposited into your account. You can avoid paying for money orders. Plus, you have access to your bank 24/7.

It's Cheaper
If your using check cashers, pay day loans, etc. then you are exposing yourself, to what can amount to, exorbant fees and a cycle of debt. Why pay to be able to spend your hard-earned money when you can deposit and cash your check through a bank for free?

Safer than Your Mattress
Sure, many banks fell victim to the current economic crisis. But, if you're bank was insured by the FDIC (which most are) and you had less than $200,000 in your accent, you were OK. When you horde cash money in your house or some other storage, you risk losing it to an accident, theft, or some unexpected circumstance. But, even if you store your money in a 30-inch thick safe with fingerprint detection it does nothing against protecting you from the ever omnipresent inflation. Which brings me to my last reason...

Protection from Rising Costs
How much does a loaf of wheat bread cost in the store today? How much did that same loaf of bread cost...10 years ago? Inflation shows that rising costs can and will affect everything, from your turkey sandwich to gas. If your money is stored under your bed, unfortunately, $1,000 in 1960 would still be worth $1,000 in 2009.

Put it this way. In 1967 you could buy a new Camaro for $3,000. A new Camaro now would cost you at least $25,000. Imagine if you had been saving in cash to buy a new Camaro. When you finally reached your $3,000 you would've only saved 12% of the new price of that car. If you don't store your money in an interest bearing account you miss out on the opportunity to make your money grow with inflation. Honestly, the interest you earn is not all that spectacular. But, at least you can have your money grow faster then prices do.

Bank on LA: Meet LA Mayor Antonio Villaraigosa

The City of Los Angeles' Mayor, Antonio Villaraigosa, is ready to launch the Bank on LA campaign. This initiative is designed to encourage residents of Los Angeles who are "unbanked" (meaning functioning in the cash economy with the assistance of check cashers, payday lenders, and other alternative financial institutions) to develop their first banking relationships and begin an asset-building lifestyle. Bank on LA delivers key information on bank product affordability, accessibility, and bank security without marketing or promoting the product of any single bank.

Please join us on Tuesday, March 24th at 10:30am for the press conference, hosted by the Community Financial Resource Center (4060 South Figueroa Street, Los Angeles, California, 9037).

Those interested will have an opportunity to meet the Mayor, Antonio Villaraigosa at the press conference launching of the Bank on LA program.

We are searching for people that are currently unbanked and are interested in sharing their story as well as opening a checking/savings account the day of the press conference. We are also looking for people who previously used alternative financial institutions, but are now linked into bank services, who want to share their experience transitioning from unbanked to bank services. Spanish speakers welcome to participate.

Please contact Hassan Nicholas at (323) 846-1434 or HNicholas@cfrc.net for more information.

If you plan on attending the Bank on LA launch, please RSVP to Ashley Schweickart@lacity.org or call (213) 473-9788.