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(From the Financial Literacy Blog) – For many New Americans, managing money in a new country can feel overwhelming. You may have concerns about trusting a financial institution with your hard-earned money, especially when worries about immigration status and deportation are widespread. However, keeping your money in a credit union is one of the safest and smartest financial decisions you can make.
Why Banking at a Credit Union Is a Smart Choice
Your money is protected: Credit unions are federally insured, so your money is protected. The National Credit Union Administration Share Insurance Fund insures credit unions—covering account balances up to $250,000.
Services are confidential and secure: We understand that many immigrants worry about the risk of deportation or how opening a financial account might affect their immigration status. It’s important to know that your money and personal information are protected by strict privacy laws. Credit unions will not share information with immigration authorities just because you open an account. Your money will remain safe and secure, regardless of your immigration status.
Cash can be risky: When using cash, there is a risk of theft, loss, and physical damage. Cash is untraceable, so once it’s gone, it’s gone. At a credit union, your money is protected with the latest security technology and safeguarded against theft.
Boost your financial profile: Keeping money in a credit union account helps you build a financial history, which can make it easier to qualify for loans to buy a car, go to college, qualify for a credit card—or even secure housing.
Accessing your money is safe and convenient: We don’t close your account just because your immigration status changes. Across the country and in many cases across the globe, you can still access your money easily and securely. With online banking, debit cards, and international transfers, you’ll have convenient and secure access to your funds when you need them.
Answers to Common Questions
Do I need a Social Security Number to open an account at a credit union?
Not necessarily. Many credit unions allow non-citizens to open an account with an Individual Taxpayer Identification Number (ITIN), a foreign passport, or other forms of identification.
Will I lose access to my money if my immigration status changes?
No. Your money will remain in your account, and you can access it from abroad through online and mobile banking, debit cards, and/or international transfers.
Can the government take my money if my immigration status changes?
No. Credit unions operate independently and hold members’ money in private accounts that are protected by strict regulations.
The Bottom Line
Keeping your money in a credit union can give you peace of mind, knowing that it’s safe, protected, and working for you. Your financial future matters, and your local credit union is here to support you every step of the way.