3:38 pm By Jennifer Woodard Maderazo · business · Comments Off
9 Oct 2008
Never you fear, La Macha has been sitting through hours and hours of television, radio shows and reading newspapers to try to figure it all out for you!
The latest greatest explanation comes from This American Life from NPR Radio in Chicago. In a show aptly entitled, “Another Frightening Show About the Economy,” Ira Glass and guests explain the latest Wall Street Freak Out (in the form of the commercial paper market) in easy to understand terminology that gets to the core of how economics in the U.S. work and why said economics in the U.S. is collapsing into hell.
I haven’t listened to the entire thing yet–the part I’m looking forward to hearing:
Act Four. What’s Next?
Ira and Adam answer the question: Was the $700 billion bailout bill signed into law today a good idea or a bad one? (10 minutes)
Some how, I think I already know the answer to this–and it’s not one I will be happy with.
1:05 pm By Jennifer Woodard Maderazo · Immigration|midwest|Money · Comments Off
8 Dec 2005
The story is from the Chicago area. It’s hard to believe in this day and age stuff like this still happens:
A growing list of customers of U.S. Bank in Highwood, most of them Mexican immigrants who speak little English, say their savings and other accounts are missing or have been depleted without their permission…
“It’s sad,” Garrett said. “Many of these residents don’t trust anybody. They feel they might be deported.”
The allegations come as banks have been trying to build trust among immigrant populations, which the industry sees as an untapped customer base, experts say.
12:00 pm By Jennifer Woodard Maderazo · Immigration|Marketing|Money · 2 Comments
18 Oct 2005
If a report read on a local Utah television station’s web site is to be believed, it seems that bank Washington Mutual is not accepting government-issued “driving privilage cards” as identification for immigrants interested in banking at their establishment:
Latinos that have driving privilege cards are finding that Washington Mutual Bank location won’t recognize their cards as a legitimate form of identification.
Community Activist Tony Yapias says he’s heard about the problem in Ogden and Salt Lake City branches. “I think it’s unfortunate for Washington Mutual Bank to not accept it.”
I think it’s unfortunate, too. WAMU is one of the banks that I do my banking at, and I have been a rabid consumer evangelist for them for years, talking them up to my friends on their excellent customer service, low fees and all-around no-hassle way of doing business.
On a less personal level, we are talking about a business that spends hundreds of millions of dollars on advertising campaigns targeting not only the Latino market, but the monolingual Spanish-speaking market (read: immigrants), and that is competing in that arena with every other major bank in the U.S.
Bad move, I say. People need to feel safe when dealing with their money, not judged. Not accepting a card that has been accepted by the government as a legitimate form of identification seems to me to be not only as bad business, but bad community ambassadorship. A standard rule of business: don’t piss off a community to whom you are spending millions to market, and don’t burn the bridges you’ve worked so hard to build.
Via / Hispanic Tips and KSL.com
Bank of America (BoA) is now offering a service they call SafeSend to send money to Mexico – at no cost for BoA account holders. Customers can send up to $1,500 at a time and up to $3,000 USD a month to up to 3 recipients in Mexico.
According to the Money/CNN article, BoA Waives Fees to Attract Hispanic Customers:
The changes raise the stakes in U.S. banks’ push to attract Hispanics, who this decade overtook blacks as the largest U.S. minority group. More than half of the roughly 40 million Hispanics in the United States are Mexicans.
Traditionally, remittances to Mexico made from family members working in the US, have been the #2 income for the country of Mexico. Estimated to total $12 Billion USD in 2003, surpassed only by oil sales, I have recently heard that remittances have now gained the #1 spot, but can not confirm that fact.
Although Bank of America is obviously running the promotion to pull in the Hispanic consumers, it might turn out to be a win-win situation. By requiring the customers to open a checking account, we could see a shift in savings habits of this population, which traditionally works completely on a cash basis with very limited or no funds available for emergencies.
VivirLatino is a daily publication published by Mamita Mala Media, dedicated to featuring all the latest politics, culture, entertainment of interest to the diverse Latin@ diaspora.
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