Red Hook Campaign to Teach Immigrants Financial Literacy

By JOSEPH DE LA CRUZ

For City Councilman Carlos Menchaca the problem of the lack of financial literacy in many minority communities is personal.

“Financial literacy was not part of my upbringing,” he said. “It’s something that many immigrant families are not afforded in this country.”

His family had no financial literacy, which made his childhood challenging as the family struggled without banking services

Seeing other families still struggling with those same problems, he said, compelled him to take measures that would make financial resources accessible to immigrant communities.

At a press conference in the Red Hook Community Justice Center on Thursday, Menchaca celebrated the opening of a new IDNYC pop-up enrollment center.

City officials designed the IDNYC card to allow undocumented immigrants and financially illiterate citizens access to financial resources such as checking and savings accounts.

Alex Tabor, a branch manager and vice president of Amalgamated Bank, stressed gaining the trust of skeptical immigrants who feel that banks were out to get their money.

“As far as community engagement we would show up at street festivals or hold workshops and teach people about financial literacy and how to access financial resources,” Tabor said.

Amalgamated is one of the first banks to accept IDNYC cards in New York City as a viable form of identification for customers who wish to open an account.

Officials from the Mayor’s Office of Immigrant Affairs have also supported programs to educate immigrants on financial matters as well as English, a factor they say plays a major role in the lack of financial literacy.

IDNYC cards also were intended as an alternative for undocumented immigrants and even children who cannot obtain a New York State identification card. It will also be used to help doctors obtain the medical history of patients through the use of the cards’ number.

Once the IDNYC numbers are registered with NYC Health and Hospitals databases, doctors will have instant access to Department of Health and Mental Hygiene immunizations and medical records. Patients just have to submit their card to their doctor when visiting their office.