Best Credit Unions for Latinx
The percentage of unbanked Latinx households is double the national average in the U.S. The reasons for this range from banks in the U.S. not currently supporting Spanish content and bilingual staff for their institution to folks having a built in distrust from negative experiences in their native country.
Banks in the U.S. also have barriers to entry as well. A third of latinx people in the U.S. immigrated here from abroad so sometimes they won’t have the minimum balance deposit required as they’re still building their life here and or a U.S. ID.
Thankfully through the Juntos Avanzamos program you have the opportunity to start protecting and building your money today. Through their website, https://juntosavanzamos.org, you can find a list of Credit Unions which can serve you in your neighborhood. Just make sure you have the items below and you can get started with your research.
1. A SSN or ITIN
2. A U.S. or foreign issued ID
3. Your minimum deposit to open the account (varies per Credit Union)
Once you find a Credit Union located near you can take the first step on your personal finance journey and then no more hiding money underneath your rug like my hilarious father.
