Skip to main content

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.)
Labels:

Comments

  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.

    ReplyDelete

Post a Comment

Popular posts from this blog

PageMill, Wells Fargo and Sam Zell

Dear Friends,  Normal.dotm 0 0 1 888 5066 Northern California Urban Development 42 10 6221 12.0 0 false 18 pt 18 pt 0 0 false false false As many of you know we've been in discussion recently with Wells Fargo and Equity Residential, the proposed buyers of the former Pagemill Properties on the west side of East Palo Alto.  As an East Palo Alto resident and leader I view this issue, and how Wells Fargo handles this important portfolio as a milestone event for our community and it’s residents. First, a little background (from my perspective):  A few years ago over 80% of East Palo Alto's multi family housing stock was purchased piece by piece by a predator equity group, Pagemill Properties. After the purchase Pagemill began systematically dismantling our rent control ordinances and aggressively evicting working class families. The community was in shock. However, the Pagemill group went bankrupt in 2009 and lost the property to Wachovia,...
1 comment
Read more

Non Profit Payday Loans?

Here's a recent New York Times article sent to me from Katie at NCHM on payday lending. I know that the NCUD / CTCU-EPA partnership is going to have to create the right program addressing the needs for short term lending for low income families. We don't have the answers yet, but it's definitely on our radar. APPLETON, Wis. — This city of 70,000 has five McDonald’s franchises, three Pizza Huts, four Starbucks shops — and 19 payday loan stores, brightly lighted storefronts with names like EZ Money and Check Into Cash that offer two-week loans without credit checks. Peggy Truckey, 53, knows the allure. Last year she owed nearly $1,300 to four of those stores, and was paying about $600 a month in finance fees alone. “I thought I was going to have to take a second job just to pay off the interest,” Ms. Truckey said. Then she heard about a new nonprofit program operated out of a Goodwill thrift store, one of several hundred lower-cost payday loan products that are now bein...
7 comments
Read more

Untitled

Posted via email from JOHN's posterous
Post a Comment
Read more