The "Currency SF" initiative launched Wednesday morning at city hall encourages all San Francisco businesses to establish direct deposit or some other form of electronic wage payments. Right now, a fifth of the city's businesses don't offer it.
Low-income workers pay an estimated $1,000 a year in fees to check-cashing places. Paper paychecks also cost money. "It's cost savings to no longer have to be printing those paper paychecks, distributing those paper paychecks, replacing them when they get lost. All of that adds up," says Treasurer Jose Cisneros.
It costs about $3 more per employee to deliver a paper paycheck compared to an electronic form of payment.