During this economic downturn many people are desperate to save each and every penny. If you are like me, you might find yourself stuck between needing and wanting. Sometimes the needing can be more expensive.

Oakland residents spend as much as $800 a year to access their money through banking services. A need that has became expensive yet remains necessary. Mayor Ron Dellums along with Governor Arnold Schwarzenegger and the United Way of the Bay Area will launch Bank on Oakland today. Bank on Oakland will help reduce those expenses and will also provide financial education for residents.

According to Bank on Oakland’s website more than 20 banks will provide the service including Wachovia. After reaching out to Wachovia’s branch in Oakland their response left me puzzled. A representative in their Finance department said he is aware of the program being launched on Wednesday but is unaware how residents would benefit. The representative suggested calling their headquarters. After playing phone tag it turns out that Wachovia’s headquarters haven’t even heard of Bank on Oakland-- suggesting a call back in a couple of weeks for follow up. A spokesperson for Mayor Dellums claims that “the governor is working with participating cities to bring banks on board.” Perhaps the governor is too busy with his upcoming movie to inform banks about the program.