A mobile banking service tailor-made for immigrant communities with no minimums or monthly fees.
Welcome Technologies announced the launch of a bank account in partnership with Green Dot Corporation. The account and Visa card, PODERcard, aim to help close the banking gap for immigrants and will be offered first to U.S. Hispanic consumers. According to the most recent FDIC National Survey, less than 50% of U.S. Hispanic households are “fully banked”. Aiming to change that statistic for the better, PODERcard offers affordable financial services and an experience geared toward making it possible for this community to enter the financial system and access banking services tailored to them.
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Branded under SABEResPODER — Welcome Technologies’ flagship digital platform serving nearly 2 million active members — the PODERcard bank account and card offers a unique set of features:
- Easy to navigate bilingual interface (Spanish/English)
- A transparent and simple enrollment experience
- A free Visa debit card and access to a free ATM network with over 19,000 locations1
- No monthly fees, no required minimums, and no hidden fine print2
- Banking security standards to protect member’s personal and financial information
- A library of content to improve financial wellness
Banking products are generally designed to cater to the wealthy – monthly maintenance and overdraft fees, as well as minimum deposit requirements disproportionately affect individuals on a tight budget or who are newer to banking. A recent Welcome Tech survey of 10,000 immigrants found that; A mere 44% of participants stated they used credit cards and 54% savings accounts. When they chose to borrow money, only 31% borrowed from banks, showing a persistent distrust in traditional financial institutions.
