In the United States today, more than half of all Latino immigrants do not have bank accounts. Lack of access to the mainstream banking system is a significant impediment for families trying to achieve the American dream. Without bank accounts, immigrant and Latino working families have a harder time saving money to buy homes or send their children to college; they are subjected to predatory financial practices, including check-cashing, payday lending and high-cost remittance transactions; and they frequently are the targets and victims of serious crimes while carrying or storing cash. Lack of access to the mainstream system impacts not only individuals but the community at-large, when money that could be reinvested in families and local businesses is instead skimmed away by high fees and fringe financial services.

Nebraska Appleseed and our community partners are working to improve immigrants’ access to the banking system through creative outreach, education, and advocacy. As Congress has long recognized, expanding access to mainstream financial services is in everyone’s best interest - making our communities safer and positively impacting the financial health of our society.

Appleseed has released a first-of-its kind guide to assist banks and credit unions in better serving the growing remittance market. Immigrants living in the U.S. sent $45 billion to Latin American and Caribbean countries in 2006 (representing only 10% of their earnings – the other 90% stays in the U.S., benefiting U.S. communities and economies), according to recent estimates from the Inter-American Development Bank.

In addition to providing a detailed market overview, “Banking in a Global Market” offers a comprehensive hands-on approach to setting up transparent and efficient remittance services, drawing on the experiences of large and small financial institutions throughout the U.S.

Banking in a Global Market Report | Supplement | Executive Summary | Press Release

Nebraska Appleseed teamed up with the Appleseed Foundation and Centers in Texas, Chicago, Washington, D.C., and Kansas to develop a series of Spanish and English language brochures to advise Latino consumers on opening bank accounts and a range of financial issues. The colorful nine-part series covers such topics as: How To Open a Checking or Savings Account; Car Loans; Credit, Debit, and ATM Cards; Home Ownership; How To Avoid Dangerous Loans; Identification Needed for an Account; Reduce Your Taxes; Send Money Back Home; and Using Credit Cards.

We thank the Immigrant Rights Network of Iowa & Nebraska and the many community members across several states who provided invaluable input and identified the primary questions and concerns about using the banking system.

Read / Download / Print the Brochures