Obama Wants Remittances To Cuba - President Barack Obama plans to lift U.S. restrictions on family travel and money remittances to Cuba, according to the Wall Street Journal. Obama indicated his intention to ease the current restrictions last May during a visit to Miami while on the presidential campaign trail. The move is seen as a signal of a new attitude toward both the communist nation of Cuba and other Latin American countries that have encouraged the U.S. to alter its current policies.
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US Bank Offering Western Union - US Bank, a subsidiary of US Bancorp announced a partnership to make Western Union money remittance services available at 2,791 branch offices across 24 U.S.A. states by May, 2009. |
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Your Local Store For Banking - Among low to moderate income families, people are more likely to be unbanked when they have less wealth, less education, are not working or work inconsistently , are younger, have more children, rent their home and are a racial or ethnic minority. Broadly speaking, the common reason for lacking a checking account is being unable to afford the costs of the account. |
Latin American Money Remittance Declines - Slumping economies in the United States, Canada, and Europe are causing waves in the countries of Latin America as migrant workers send less money back home. A recent report stated that for the first time since they began tracking remittances in the year 2000, remittances to Latin America declined in the fourth quarter of 2008, dropping 2% compared to the fourth quarter of 2007. Colombia experienced a 16% drop relative to 2008, Brazil a 14% decline, Mexico 12%, and Guatemala and El Salvador each dropping 8%. Nearly $70 billion was sent back to families in those areas in 2008.
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Lessons Learned in 2008 will help Americans in 2009 Be Financially Smarter - He year 2008 will go down as one of the worst economic years in American history. With the housing crisis, credit crisis, job lay-offs, and large companies going bankrupt, many lessons will be learned. |
The Failure of Traditional Banking - This situation is due, in part, to Hispanics general lack of financial education. Many of them were without accounts in their countries of origin, and believe that these institutions are only useful for the rich. Curiously, Latin American immigrants to Spain do, in fact, enter the financial system. Thus, questions arise over failures in the U.S. institutions.
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Know Where Your Cash Is Spent - You can’t even begin to save a dime until you know exactly where your cash is going. A lot of people advocate paying for everything in money. Cash is just about the hardest thing to keep track of. You spend a little bit here, you spend a bit there and pretty soon you can’t remember where all of it went at the end of the day. |
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