Amalgamated Bank, owned by your union, has developed its new ‘Money Card’ to help people without accounts access the services they need while avoiding high costs. The Money Card allows users to cash checks, pay bills, and transfer money to family or friends at a fraction of the cost that check cashers and wire service providers such as Western Union charge.
This is one of the ways that Amalgamated Bank differs from other banks. As the only labor bank in the U.S., Amalgamated puts working people’s interests first.
A new report from the World Bank shows that a remarkably high proportion of people in the U.S. do not have a bank account. Over 1/4 of people with the lowest 20% of incomes do not have a bank account. Of those who don’t have an account, over 2/3 are women and 1/4 are immigrants.
People without bank accounts are often targeted by predatory short-term lenders and check-cashing “services” that charge exorbitant fees and astronomic interest rates to cash checks, pay accounts, and transfer money.
Our Union bank designed this card to help people without bank accounts access services for reasonable fees. With the card, you can deposit checks, make purchases, withdraw funds, and transfer money to friends and family with a companion card.
If you would like to learn more about Amalgamated’s new Money Card, give us a call here at the office (212-475-3131) and we can arrange to have an Amalgamated employee come to your workplace to answer questions for you and your colleagues.
The full text of the World Bank report can be found here: http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/2012/04/19/000158349_20120419083611/Rendered/PDF/WPS6025.pdf
The New York Times article that cites it can be found here: http://economix.blogs.nytimes.com/2012/04/30/the-worlds-unbanked-poor/?smid=tw-nytimeseconomix&seid=auto