Desert Schools FCU Offers Special Accounts to Undocumented Immigrants

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PHOENIX – Desert Schools FCU said yesterday it has introduced special no-interest bearing savings accounts for undocumented immigrants which will not require a social security number of other taxpayer identification. The only documentation required is a Matricula Consular ID card which is available from the Mexican consulate in most big U.S. cities. The savings accounts, which will be insured by NCUA, are aimed at providing mainstream financial services for unbanked immigrants, many who fear deportation if their finances can be easily traced. The new accounts were enabled by a legal opinion issued by NCUA last month. Desert Schools’ efforts to serve Arizona’s burgeoning Hispanic population, which has includes a series of financial education guides in Spanish, has earned it recognition in the credit union movement.

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