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Whether it's to withdraw cash from ATMs or obtain a car loan, having a credit union or banking relationship is a must-have. It's just as important for immigrants who don't have the necessary U.S. residency documentation. The good news is they can still enjoy a range of financial services if they secure an individual taxpayer identification number, or ITIN. Here are a few ways bank services for undocumented immigrants are obtainable.

How ITINs Help With Banking Services

Access to Checking Account 

An ITIN card allows undocumented immigrants to legally open a checking account. They can sign up for direct deposit so that their paychecks are immediately available. Account holders can also pay monthly expenses such as loan payments, utilities, cable, and groceries.

Secure a Mortgage Loan

There's a misconception that undocumented immigrants cannot purchase a house. With an ITIN card, home ownership is possible. Credit union and bank lenders familiar with the identification help shoppers find the dwellings of their dreams. Even better, there are several mortgage loan programs that make the process more affordable.

Access to ATMs

bank services for undocumented immigrantsThis is another ideal bank service for undocumented immigrants. On any given day, the average person will likely need to withdraw some cash from an ATM. An undocumented immigrant no longer needs to wait for a check cashing store to open or keep money at home, which presents safety issues. One additional advantage is undocumented immigrants don’t have to pay ATM fees if they use their credit union or bank's ATM network.

Become a Car Owner

Owning a vehicle means having reliable transportation to get to work and school. With an ITIN, undocumented immigrants can secure a car loan through their financial institution. Lenders offer a variety of programs for new and used vehicles with financing tailored to each of their customers' circumstances.

Secure Personal Loans

There may come a time when additional funds are needed to cover school tuition or emergency repairs. Unfortunately, these scenarios occur after all the monthly bills are paid and before the next paycheck arrives. Bank services for undocumented immigrants also include access to personal loans. You can request funds to cover a range of unexpected expenses.

 

An ITIN creates a path to a host of bank services for undocumented immigrants. Let the friendly and experienced team at North Jersey Federal Credit Union in Totowa, NJ, help you obtain access to them and start enjoying their benefits. To learn more, call (973) 785-9200 today. Visit the website for information on their products and services.

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