LA TIMES: A crack in a safe - and a dent in their lives

By Molly Hennessy-Fiske and Carla Hall
Los Angeles Times Staff Writers
December 4, 2007

"...The mission's bank is a major part of life for those struggling to escape skid row.

Although mission staff usually empty the safe once a month, depositing the contents at nearby City National Bank, many residents choose to keep their money on site. They worry that banks will charge them hidden fees, penalize them for not monitoring their accounts, or allow creditors to tap their savings. One man distrusts banks so much that he insisted his money stay in the safe. He lost more than $10,000 in the burglary, Bales said.

About 1 in 10 households nationwide are "unbanked," according to the latest federal survey of consumer finances. A handful of nonprofits in San Francisco, Seattle, Atlanta and other cities offer informal banking services to help fill the gap.

Bales said many mission residents lost about $4,000 in the burglary. The thief also took $16,000 in petty cash and about $1,500 in Christmas gift cards for mission staff, Bales said."

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