Workshops teach financial skills to migrants

Immigrants often distrust banks, preferring to carry all their cash with them or hide it in their homes. These workshops are teaching them that it is safer and will earn money in a bank account. DP

By Louie Gilot / El Paso Times

ElPasoTimes.com: Manuel Salais, 45, has been working in the United States for five years, but until a month ago, he carried his wages in his pocket.
"I know that's not a good idea, but I didn't know any better," he said.

Now his money is flourishing in a savings account, and Salais talks like a real capitalist.

"In my pocket, a dollar today won't be worth a dollar next week. But in a bank, it pays off," he said.

Salais is exactly the type of client banks are courting -- with a steady income, growing purchasing power and dreams of homeownership.

But before banks can tap into the new immigrant population, they must educate many on the intricacies of American banking.

More than half of all Mexican immigrants lack bank accounts, according to 2000 figures from the U.S. Census Bureau.

This week and next, the Mexican Consulate in El Paso is promoting free banking workshops for immigrants by El Paso Affordable Housing Credit Union Service Organization, a group of eight credit unions that provide financial education programs in English and Spanish. El Paso Affordable Housing has weekly free financial classes throughout the county.
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