According to recent studies, an estimated 10 million people in the United States do not benefit from the safety, security and convenience of checking or savings accounts. The hurdle many of these consumers face is simply a lack of basic knowledge as to how the banking system operates. To help Americans manage their finances, national advocacy group Consumer Action and leading credit card provider Capital One are announcing the third phase of the Money Wi$e program entitled "Basic Banking." "Capital One partnered with Consumer Action to provide tools that will help underserved communities understand how to better manage their finances," said Diana Don, Director of Financial Education at Capital One. "Opening a bank account provides a stepping stone to building a firm financial foundation and building good credit."According to a recent Money Wi$e survey, only 38 percent of individuals were aware of free financial resources available to them. Luckily, the Money Wi$e series of brochures are distributed through more than 7,500 community organizations nationwide, providing millions of Americans access to free information. The multilingual materials provide consumers with the banking fundamentals they need in five languages - English, Chinese, Korean, Spanish and Vietnamese.
"Through our outreach, we have touched a broad range of people from a variety of ethnic and financial backgrounds," said Ken McEldowney of Consumer Action. "Based on the feedback we have received from people across the nation, we have developed the third in our Money Wi$e series of free resources on the banking needs of the Chinese, Korean, Latino and Vietnamese communities."
TIPS FOR SETTING UP A BANK ACCOUNT
Consumers need to be aware that different banks have varying requirements when it comes to required identification, but in general, they will be well prepared if they can provide the following:
* Photo identification (ID) such as a driver's license, state ID card or passport.*
* Social Security number.
* Proof of address, such as a utility bill or lease.
* Mother's maiden name for use as a security password on the account.
*The Mexican consulate has introduced a card called matricula consular for those immigrants who lack the required documents. These cards are now being accepted at a number of banks across the nation as proof of identity.
During the first two phases of the Money Wi$e program, "Good Credit" and "Money Management," Consumer Action and Capital One distributed more than 300,000 brochures through community centers and fulfillment of mail-in requests from consumers. Free educational materials are available directly to consumers online at www.consumer-action.org or by sending a self-addressed, legal sized stamped envelope to: Consumer Action-Basic Banking, 717 Market Street, Suite 310, San Francisco, CA 94103. For recorded instructions on ordering Consumer Action publications, call (415) 255-3879.
Courtesy of ARA Content
