Jordanie Alvarado Brings 'Inclusivity' During 1166 Federal Credit Union Internship

 


SWEDESBORO — The Federal Deposit Insurance Corporation’s National Survey of Unbanked and Underbanked Households finds that 15% of U.S. Hispanic households are unbanked.

With 49% of this population citing a lack of English proficiency as the main reason for not having a bank account, financial institutions like 1166 Federal Credit Union are taking steps to close the gap between accessible financial services and Spanish speakers.  

Hispanic Leadership and Community

With Forbes reporting that “many of these unbanked or underbanked individuals/families are spending more than $40K in lifetime fees largely stemming from reliance on more expensive banking alternatives like check cashing services, payday loans or paycheck advance – missing an opportunity to generate $360,000 in lifetime wealth,” closing this gap also aligns with this year’s National Inclusion Week (September 23 to 29) theme, “Impact Matters.” 

 Read the rest of the story here.

 

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