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FDIC Releases National Survey of Unbanked and Underbanked Households
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With only a few national studies about the unbanked and underbanked, it is exciting to see the FDIC release the results of their latest study. This information helps validate the need for credit unions to provide mainstream  financial services to the largely underserved Hispanic market.
Use this information to help build or enhance the business case for your credit union to begin serving or strengthening service to Hispanics.
Top 10 reasons* why the unbanked have never had an account:
- Not enough money to have an account
- Don't write enough checks
- Minimum balance requirement is too high
- Don't see value in an account
- Banks are not comfortable or welcoming
- Language barrier
- Lack of trust with banks
- Service charges are too high
- Do not have documents to open accounts
- Could not manage or balance account
* Learn more with the 2009 FDIC National Survey of Unbanked and Underbanked Housholds. |
| A Personal Finance Spanish Web Site Available for Credit Unions |
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As the FDIC's report revealed, a large number of Hispanics are highly underserved. Combining your credit union's financial service offerings with a strong financial education strategy can help your current and prospective Hispanic members overcome their fears about financial institutions. It also provides an opportunity to show them a great alternative to fringe financial service providers.
In addition, more and more Hispanics are getting online. The Internet provides a great alternative to deliver culturally relevant personal finance information. 
El Poder es Tuyo™ (The Power is Yours) is a Spanish-language personal finance web site for current and potential Hispanic credit union members that links directly from your credit union's Web site. It is the ONLY Web site available that is credit union-specific and fully dedicated to providing financial guidance to first and second generation Hispanics.
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