|
|
 |
|
| Population |
The Language of Money
Michele Wucker
04/01/2004
|
Now, however, banks are fighting to increase their share
of this market. Two large U.S. banks have invested in Mexican counterparts to
broaden their networks: Citibank, which recently launched Access bi-national
bank accounts, and Bank of America, with its SafeSend remittance service. Wells
Fargo, Emigrant Savings Bank, GE Financial Services and US Bancorp all offer
special ATM cards. To attract lower-income immigrant customers, institutions
that include Fleet and Bank of America have begun offering low-fee and
low-minimum balance accounts that they hope will deliver a combination of volume
and long-term relationship business. Long-term business strategies like these
depend on the group being here to stay, not merely marking time.
Banks began
allowing customers to open accounts with nontraditional identification a few
years ago. Most controversial was the matricula consular—an ID issued by Mexican
consulates and overhauled in response to U.S. security concerns after the 9/11
terrorist attacks. Many banks also accept the Individual Taxpayer Identification
Number, which the IRS created in 1996 to enable undocumented immigrants to pay
taxes.
When anti-immigration activists tried to pressure Congress to ban
these IDs in 2003, banks across the country testified that it was in the
country’s interest to give immigrants access to the banking system. The U.S.
Treasury agreed and issued new rules affirming the banks’ position. Indeed,
various government agencies, including many regional Federal Reserve Banks, the
Federal Deposit Insurance Corp. and the Social Security Administration are
actively seeking ways to help new immigrants integrate into mainstream financial
services.
While the financial services industry has an obvious interest in
securing immigrants’ status in the United States as a way of capturing their
business, the power of the economic force of this group makes a compelling case
for its support by all of our businesses. Financial services is the first step;
by giving immigrants access to credit and bank accounts, this country will clear
the way for all businesses to tap this community as clients, customers and
partners. It is becoming clear that money is power for America’s Latino
community—and the financial services industry and Washington are beginning to
listen.  | Michele Wucker is a senior fellow at the World Policy Institute and author
of Why the Cocks Fight: Dominicans, Haitians, and the Struggle for Hispaniola. |
|
|
|
|
|
|
|
