No SSN, no problem, says Massachusetts credit union
SouthCoast FCU says a passport and a proof of address is enough to get a banking relationship started.
SouthCoast Federal Credit Union in New Bedford, Massachusetts, will now open accounts for immigrants that do not have social security numbers.
The $66 million-asset organization is collaborating with the Community Economic Development Center and offering CEDC clients who have a passport and proof of address the ability to bank with SouthCoast.
Most financial institutions require a social security number prior to opening an account or approving a loan.
SouthCoast CEO Duarte Silva told the New Bedford Light he feels a connection to the immigrant community because of his heritage – he is a first-generation American with a Portuguese father and a Brazilian mother.
continue reading »