FALLS CHURCH, Va., Jul 23, 2002 /PRNewswire via COMTEX/ --Focus on Immigrant Population Including Latinos
According to the
Federal Reserve Bank, nearly 13 million or one out of four Latinos living in the
United States do not have bank accounts. Further, according to a recent Money
Wi$e survey, 68 percent of Spanish-speaking individuals are not aware of any
free resources available to help them manage their finances. To address this
need, Consumer Action and Capital One are announcing the third phase of the
Money Wi$e program entitled "Basic Banking," which will provide this community
-- as well as other immigrant populations -- with multilingual brochures
concerning the banking fundamentals they need.
"Capital One partnered with Consumer Action to provide tools that will help the
underserved communities understand how to better manage their finances," said
Diana Don, Director of Financial Education at Capital One. "Opening a bank
account provides a stepping stone to building a firm financial foundation and
building good credit."
Success in Two Earlier Money Wi$e Phases
During the first two phases of the Money Wi$e program, "Good Credit" and "Money
Management," Consumer Action and Capital One have distributed more than 300,000
brochures through community centers and fulfillment of mail-in requests from
consumers. "Through our outreach, we have touched a broad range of people from a
variety of ethnic and financial backgrounds," said Guadalupe Aguilar of Consumer
Action. "Based on the feedback we have received from people in communities
across the nation, we have developed the third in our Money Wi$e series of free
resources on banking basics for the Latino as well as the Chinese, Korean and
Vietnamese communities."
"The Money Wi$e publications and other multilingual brochures from Consumer
Action are vital to our education efforts in the Latino community," said George
Llanos, Business Counselor at the Women's Business Resource Center in Bronx,
N.Y. "Individuals in the community have found the Spanish materials extremely
helpful and ask when new Money Wi$e brochures will be available."
Materials Focus on Top Financial Problems
Through the Money Wi$e partnership, the growing Latino population has access to
free brochures in English and Spanish that teach responsible banking methods in
simple, straightforward terms. These new multilingual materials discuss the
fundamentals of banking, from opening a bank account to balancing a checkbook,
and include tips for resolving problems such as mixed up deposits and bounced
checks. In addition to English and Spanish, the Money Wi$e series of brochures
are also produced in Vietnamese, Korean, and Chinese. Money Wi$e brochures are
available at more than 7,000 community organizations nationwide, as well as
directly to consumers via http://www.consumer-action.org . These brochures focus
on the top problem areas: "Understanding Credit," "Money Management," "Basic
Banking (see tips below)," and "Going from Bad Credit to Good Credit."
Top Tips on How to Set Up a
Bank Account
From "Basic Banking," a Money Wi$e publication from
Consumer Action and Capital One
Different banks have varying requirements, but in general, Latinos will be well
prepared if they can provide the following:
-- Photo identification (ID) such as a driver's license, state ID card or
passport.*
-- Social security number.
-- Proof of address, such as a utility bill or lease.
-- Mother's maiden name for use as a security password on the account.
* The Mexican consulate has introduced a card called matricula consular
for those immigrants who lack the required documents. These cards are
now being accepted at a number of banks across the nation as proof of
identity.
Money Wi$e: Materials, Training and Seminars
The multilingual Money Wi$e materials are available directly to consumers online
at http://www.consumer-action.org or by sending a self-addressed, legal-sized
stamped envelope to: Consumer Action Money Wi$e, 717 Market Street, Suite 310,
San Francisco, CA 94103.
Trained by Consumer Action, and equipped with materials and a
training/curriculum manual, Capital One employees will begin to volunteer to
teach financial education to the public at local community based organizations
near the company's headquarters in Virginia.
About Capital One
Headquartered in Falls Church, Virginia, Capital One Financial Corporation
(NYSE: COF) is a holding company whose principal subsidiaries, Capital One Bank
and Capital One, F.S.B., offer consumer lending products. Capital One's
subsidiaries collectively had 48.6 million customers and $53.2 billion in
managed loans outstanding as of June 30, 2002. Capital One, a Fortune 500
company, is one of the largest providers of MasterCard and Visa credit cards in
the world. Capital One trades on the New York Stock Exchange under the symbol
"COF" and is included in the S&P 500 index.
About Consumer Action
Consumer Action is a non-profit, membership-based organization founded in San
Francisco in 1971. Consumer Action serves consumers nationwide by advancing
consumer rights, referring consumers to complaint-handling agencies and
publishing multilingual educational materials. Consumer Action also advocates
for consumers in the media and before lawmakers and compares prices on credit
cards, bank accounts and long distance services.
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SOURCE Capital One Financial Corporation
CONTACT: Diana Don of Capital One Financial Corporation,
+1-703-205-1165, diana.don@capitalone.com; or Linda Sherry or Ken McEldowney
of Consumer Action, +1-415-777-9648, linda.sherry@consumer-action.org
URL: http://www.capitalone.com
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