Mexican nationals are getting new help with banking

By Timothy Pratt (contact)

Monday, Nov. 19, 2001 | 9:08 a.m.

Tens of thousands of Mexican nationals in Las Vegas will now be able to open savings and checking accounts. Two banks have moved to accept Mexican identification cards as proof of identity.

Wells Fargo and US Bank have announced that they will accept the photo ID issued by the Mexican government, either in Mexico or at consulates in the United States. That makes it possible for immigrants here on temporary work visas or undocumented immigrants to open accounts.

Wells Fargo has 108 branches in Nevada, 65 of which are in Las Vegas; US Bank has 41 branches statewide, 24 in Las Vegas. "This decision shows the importance of the Latino community to us in the banking community," Keith Lobis, community bank president for Wells Fargo in Las Vegas, said.

The Hispanic population of Nevada is 393,970 according to 2000 Census, or 19.7 percent of the total population. About 72 percent of that Hispanic population is Mexican, thousands of whom would be able to take advantage of the new policy.

"This is positive and shows that corporations in general are trying to find ways to cater to the Hispanic population," said Rick Dovalina, board member of the Washington-based Hispanic Association on Corporate Responsibility.

"At the same time, it also helps immigrants become integrated into the financial system, which then helps them to develop a credit history, buy houses and build a life here."

The association estimates that Hispanic purchasing power in Nevada has grown from $1.3 billion in 1990 to $5 billion in 2000.

"We have been turning away 15 to 20 people a week in my branch alone due to a lack of ID," said Maritza Smith, North Las Vegas branch manager for US Bank.

"Now we're getting calls from many of the same people who want to come back and open accounts, " she said.

The policy resulted from meetings between Mexican consular offices and members of the banking community in California, Oregon and Washington to overcome an obstacle facing the Mexican work force -- they couldn't open bank accounts and were stuck with large amounts of cash.

Under the new policy, Mexicans can open accounts with the consular ID, some second form of ID such as a credit card or passport, and a Social Security card or individual taxpayer-identification number. If lacking the proper supporting ID, they can use an IRS form for foreigners.

"This should make it easier for many more families in Nevada to become financially independent," Lobis said.