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New plan to give L.A. financial tools

March 24, 2009 6:00:59 AM PDT
Local leaders have a plan to help low-income families, and it's called "Bank on L.A."The goal of the new plan is to give struggling families the tools needed to establish long-term financial stability.

Among other things, the initiative would help low-income families open up bank accounts and build up their credit history.

About 300,000 people in L.A. lack basic financial tools, like a checking or savings account. Many use check cashing businesses and payday loans instead.

That number puts L.A. among the largest unbanked populations in the country.


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