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Posted at 3:15 PM ET, 04/28/2010

D.C. partnership will help people save

By Washington Post editors

A D.C. public-private partnership is aiming to help 10,000 District residents set up bank accounts.

Mayor Adrian M. Fenty launched the Bank on D.C. program Wednesday. In a news release, he says some 37,000 households in the District — about 12 percent — have no bank account. Those households spend about $800 a year in check cashing and money order fees.

Seven banks and six credit unions will offer accounts with no monthly fees and no minimum balances. The accounts also won't have courtesy overdraft protection, which can lead to overdraft fees.

Bank on D.C. will also include financial education and counseling services. A similar program in San Francisco opened 50,000 accounts, and the District is one of 70 cities and states replicating the program.

-- Associated Press

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By Washington Post editors  | April 28, 2010; 3:15 PM ET
Tags:  Bank account, Banking Services, Banks and Institutions, Business, Financial Services  
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