CFPB Report Shows Spanish-Speaking Immigrants Are Less Likely To Use Banks

“Hispanics represent about 17 percent of the nation’s total population, making them the nation’s largest ethnic or racial minority. According to the Federal Deposit Insurance Corporation, Spanish-only speaking households are five times less likely to use a bank or credit union.”

This is a concerning statistic, according to the Consumer Financial Protection Bureau, “Consumers who do not have a checking or savings account may be paying higher fees or may be missing credit-building opportunities.” In the report they continue to add, “Consumers who do not speak English well may also have trouble getting understandable information about financial products, comparing costs, and correcting errors.”

Consumers who are not fluent in English run the risk of being defrauded and manipulated into making poor financial decisions.

“Immigrants make up a large number of consumers in America, with over 41 million living in the United States. For the subset of immigrants who don’t speak English well, accessing and using financial products and services can be a challenge,” the CFPB said.

More than ever, it is important to develop financial products that everyone can understand. EPS Financial has refund settlement and payment solutions that cater to every type of consumer. Contact us to learn more about our payment solutions or our refund settlement options.

—Dylan Capaldo, National Account Manager