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Bank Accounts for the Undocumented

We keep getting asked about providing bank accounts for undocumented. Here's an answer:
"At least 200 (including Community Trust Credit Union) U.S. financial firms and other businesses accept an identification card called matricula consular, which is issued to Mexican nationals by Mexican consulates. More than 4 million immigrants carry the cards, according to the Mexican government and the Congressional Research Service. (Source: USA Today)

The U.S. Treasury Dept. granted a victory to immigrants who use consular identity cards, as well as to the banks who serve them. Source: National Immigration Law Center.)
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  1. Glen9:04 AM

    Great post John. When we started providing financial literacy classes we learned some of this information too. One of our partners, a major California financial institution, realized the potential of this "emerging market" and did some test marketing with huge results. The matricula consular combined with an individual tax payer identification number made it possible for scores of our community people to open savings account, save for the future, develop capital for their fledgling businesses, and enjoy greater security for their families. We did notice some nativistic response but the positive side of free enterprise won the day.

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