Did you know? Nearly 10% of Hispanic households in the U.S. do not have a bank account of any kind (according to Forbes, Inc. magazine) and a full one-third rely on alternative financial services, which often come with high-interest rates and unfavorable lending terms. While this is true of any person living in poverty, Latinos often face the added challenges linked to language and citizenship.
On average, individuals without a bank account can spend up to $3,000 annually in Check Cashing Fees, Money Transfers, Money Orders for Bill Payment and Payday Advance Loans. Plus, those who are underbanked or underserved are often taken advantage of by predatory lenders and scams.
What are some of the roadblocks that Latino adults face when looking for traditional banking services? In addition to the language barrier, many traditional banks only accept U.S.-issued forms of identification and Social Security numbers to open an account.
Team One has removed these barriers by accepting alternate forms of personal identification such as passports, state identification, Matricula Consular and ITIN numbers.
Equally important in outreach, our credit union recruits and hires bilingual employees. who strive to serve the needs of the community by providing:
- Affordable banking services including check cashing, direct deposit, money orders and loans to build credit.
- Online banking, ITM and 24 hour Telephone Teller with Spanish options
- Financial Education to help individuals build a stronger financial future
- Safe and Secure Savings-Your money is safe-Deposits are insured up to $250,000.
We value the crucial role for Hispanics in growing and shaping our communities, and we take price in building trusting relationships to meet the financial needs of those in the communities we serve.
Kim Scofield is the Director of Community Relations for Team One downtown at 520 Hayden, between Hoyt Library and the Board of Ed. She outlined hardships from lack of bank accounts at a recent meeting of Saginaw LLEAD. She may be reached via kscofield@teamonecu.org or (989) 754-6575.
