South Coast Federal Credit Union Simplifies Account Opening for Immigrants.
The South Coast Federal Credit Union in New Bedford is removing barriers for immigrants by waiving the requirement for a social security number to open an account.
In partnership with the Community Economic Development Center (CEDC), the credit union is now offering account services to CEDC clients who provide a passport and proof of address. A minimum deposit of $25 is required to open an account.
Historically, undocumented immigrants have struggled to open checking or savings accounts or apply for loans due to the social security number requirement imposed by most financial institutions.
Duarte Da Silva, the credit union president, expressed his personal connection to the community. As a first-generation American with a Portuguese father and Brazilian mother, Da Silva understands the challenges faced by immigrants.
This new policy represents a major shift for some community members. They can now avoid commission fees for cashing checks and gain access to cards and checks for purchases and payments.
