NEW BEDFORD, Mass.–SouthCoast FCU said it has taken several steps to make it easier for immigrants to open accounts, including by eliminating the requirement that members have a Social Security number.
The $66-million credit union is collaborating with the Community Economic Development Center and is offering CEDC clients access to membership as long as they have a passport and proof of address, according to the New Bedford Light.
Accounts can be opened with as little as a $25 deposit.
“It’s been next to impossible for undocumented immigrants to open a checking or savings account or apply for a loan because most institutions require a Social Security number,” the publication reported.
SCFCU Duarte Da Silva told the New Bedford Light he feels a connection to the community because of his heritage, being a first-generation American with a Portuguese father and Brazilian mother.
‘Significant Change’
“This initiative means a significant change for some members of the community, who no longer have to pay commissions for cashing checks and can use cards and checks for their purchases and payments,” the New Bedford Light reported.
The credit union has approximately 4,500 members.