Latino-friendly credit unions aim to help people who have traditionally been underserved by the American banking system. This includes immigrants, especially from Latin America, who often avoid banks. But a bank account means having a safe place to keep cash and pay bills (regardless of your citizenship or immigration status).
The percentage of unbanked Hispanic or Latino households in the U.S., at 16.2%, is more than double the national rate, according to the Federal Deposit Insurance Corp.'s most recent survey of unbanked households. And nearly 30% of Latino households are underbanked, meaning they have bank accounts but also use alternative financial providers such as check cashers, payday lenders or remittance transfer providers. READ MORE AT NASDAQ
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