The Office of Consumer Affairs and Business Regulation and Division of Banks’ "Save Money! Bank on It" initiative is encouraging consumers who do not have bank accounts to sign up for one.

"Banks across Massachusetts offer a wide range of low or no-cost accounts that can save consumers hundreds of dollars a year compared to check-cashing services," said Kevin Kiley, executive vice president of the Massachusetts Bankers Association.

The Division of Banks recently published a report on check-cashing fees that shows consumers can save significantly by using a low-cost checking account compared to a check-cashing service, according to a statement. Local consumer organizations are encouraging people to look at affordable bank account options that meet their specific needs.

"By opening a checking account consumers can realize short-term savings and avoid paying the exorbitant fees often charged by check-cashers, and in the long run create banking relationships that later prove helpful when seeking services like an auto loan or mortgage," said Barbara Anthony, the Undersecretary of the Office of Consumer Affairs and Consumer Regulation.