ST. LOUIS (AP) -- The U.S. Department of the Treasury has launched a program in St. Louis and seven other regions of the country to better connect people who don't bank much with financial services.

Called the Community Financial Access Pilot, it aims to reduce the number of roughly 10 million American households that don't have a bank or credit union account, which can make them more prone to theft and less likely to save money or improve their credit ratings.

Aspects of the program vary from region to region. In St. Louis, more than 20 organizations involved say the area already has many efforts to improve financial literacy. Their initial focus is going to be on who they're not reaching and barriers that stand in the way to connecting people with financial programs and services.

"You don't need to hear from me to know we are in some challenging economic times," said Dan Iannicola Jr., a deputy assistant secretary for the U.S. Department of the Treasury.

He spoke at a news conference at the United Way of Greater St. Louis to draw attention to the effort. He said when he visits cities to talk about efforts to help those who don't bank, "people have agreed with me that financial literacy is important. Now, they're realizing it's urgent."

Shaky financial times are leading people to look more closely at their personal budgets and mortgage terms and more actively manage their finances.

"We are in a national teachable moment for personal finance," Iannicola said.

Thousands of people in the St. Louis region don't have bank or credit union accounts. Those working on the project say they are beginning by gathering information on what services are offered, what gaps there may be and figuring out the best ways to reach people who aren't banking.

Ruth Smith, CEO of a community action agency called the Human Development Corp., said businesses that cash checks charge fees of anywhere from 3 percent to 10 percent of the amount being cashed.

She said that can take hundreds of dollars away from a family that might otherwise be able to use the money to pay expenses if they used a bank savings or checking account instead.

One challenge is that it's hard to know who doesn't have bank or credit union accounts. Under the new program, people seeking help from a social service agency to pay their energy bills, for instance, will be asked if they have a bank account and if they'd like to know more about ways to improve their finances.

Cassandra Kaufman, director of the Community Investment Division of the United Way of Greater St. Louis, said graduate students in the school of social work at Washington University also plan to help gather information for the project by surveying people outside of grocery stores or public places.

She said anyone in need of immediate help related to banking or finance in the region can call the United Way's 211 line.

Other regions taking part in the Community Financial Access pilot program are Philadelphia; Jacksonville, Fla.; Brownsville, Texas; Fresno, Calif.; Cowlitz County, Wash.; rural areas of eastern Kentucky and the Mississippi Delta region in Mississippi.

(Copyright 2008 by The Associated Press. All Rights Reserved.)