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.

Cashing a $300 check would cost about $10 at a local check casher. The fees are nominal, but making it a weekly occasion can cost more than $500 a year, nearly two weeks pay for a low income worker in the United States.

Banks here in the U.S.A. face that same distrust from Mexican nationals who are accustomed to inappropriate circumstances with the banking in their home country. "It's hard to get hispanic workers into a financial institution. They like to see their cash, to be able to count it, and to feel it in their wallet," says a latino financial counselor spokesperson.

Recently though, Latin American migrants have felt more comfortable banking at check cashers, bodegas, and independent supermarkets that allow them to handle financial transactions at a customer service counter.  Among the more popular services at these stores is a prepaid debit card.

These cards allow people the ability to carry less cash, shop on the internet, pay bills over the phone, and send money home to Latin America.  For details, call toll-free: 1-800-TARJETAS