mari at mcic.org
04-18-2004, 09:36 AM
This morning, we posted information about IRS Accepting Agents. Because of
the high response, we thought you might also like this information. Hope it
is helpful.
***
An increasing number of banks across the country are accepting Matricula
Consular Cards as proper ID to open checking accounts. Matriculas are an
alternative form of ID issued by the Mexican Consulate to immigrants,
regardless of their legal status, living in the United States.
Additionally, banks are increasingly accepting Individual Tax Identification
Numbers (ITINs) as a way to open savings, get credit cards, and pursue home
mortgages.
Matriculas and ITINs were first accepted by a small community bank in
Chicago, Second Federal Savings, which worked in partnership with the
Mexican Consulate office and the regulatory community.
Today, approximately 30,000 out of roughly 88,000 total bank offices across
the country accept Matricula cards, and Chicago and Illinois are leading the
way. For example, Los Angeles and Chicago are the top two cities in the
nation with Mexican ancestry population. For this analysis, Mexican ancestry
is defined as all foreign-born Mexican residents living in the United States
as well as native-born U.S. citizens who claimed Mexican heritage on their
2000 Census form. These figures do not include a projection for undocumented
residents.
Chicago has 2.9 million total residents, of which 530,000 (18%) are of
Mexican ancestry, not including those that are undocumented. Los Angeles has
3.7 million total residents with more than 1 million people (30%) of Mexican
ancestry. In other words, Los Angeles has twice the Mexican ancestry
population than Chicago, a longer history of Mexican ancestry residents as
part of its population, and a much higher percentage of Mexican ancestry
population to the total population. Yet the Chicagoland banking industry
appears to be pursuing the Mexican American market more aggressively. In Los
Angeles, there are 2.3 banks per 10,000 Mexican ancestry population that
accept the Matricula card as identification. This compares to 6.2 in
Chicago.
The Individual Taxpayer Identification Number (ITIN), a nine-digit number
that begins with the number 9, was created for use on tax returns for those
taxpayers who do not qualify for a Social Security number. The IRS has
issued 7 million ITINs since 1996, when the policy was enacted.
According to a 1997 U.S. Department of Commerce report, foreign-born workers
comprise 11.4% of all U.S. workers, and 16% of all service workers in the
U.S. In that same year, immigrant households paid an estimated $133 billion
in direct taxes to federal, state, and local governments. Go to www.mcic.org
Hot Topics to view maps and read a short paper about this subject.
National data and analysis is also available on bank branches that accept
Matricula Consular cards and ITINs. Please visit the above story online and
follow the links.
Mari Gallagher
Senior Consultant
Metro Chicago Information Center
17 North State Street, Suite 1600
Chicago, IL 60602-3294
Direct Phone: (312) 580-2591
General Phone: (312) 580-2878
Fax: (312) 580-2879
www.mcic.org
MCIC . . .
Quantifying Strategic Decisions
This post transferred from the cdb-l mailing list
the high response, we thought you might also like this information. Hope it
is helpful.
***
An increasing number of banks across the country are accepting Matricula
Consular Cards as proper ID to open checking accounts. Matriculas are an
alternative form of ID issued by the Mexican Consulate to immigrants,
regardless of their legal status, living in the United States.
Additionally, banks are increasingly accepting Individual Tax Identification
Numbers (ITINs) as a way to open savings, get credit cards, and pursue home
mortgages.
Matriculas and ITINs were first accepted by a small community bank in
Chicago, Second Federal Savings, which worked in partnership with the
Mexican Consulate office and the regulatory community.
Today, approximately 30,000 out of roughly 88,000 total bank offices across
the country accept Matricula cards, and Chicago and Illinois are leading the
way. For example, Los Angeles and Chicago are the top two cities in the
nation with Mexican ancestry population. For this analysis, Mexican ancestry
is defined as all foreign-born Mexican residents living in the United States
as well as native-born U.S. citizens who claimed Mexican heritage on their
2000 Census form. These figures do not include a projection for undocumented
residents.
Chicago has 2.9 million total residents, of which 530,000 (18%) are of
Mexican ancestry, not including those that are undocumented. Los Angeles has
3.7 million total residents with more than 1 million people (30%) of Mexican
ancestry. In other words, Los Angeles has twice the Mexican ancestry
population than Chicago, a longer history of Mexican ancestry residents as
part of its population, and a much higher percentage of Mexican ancestry
population to the total population. Yet the Chicagoland banking industry
appears to be pursuing the Mexican American market more aggressively. In Los
Angeles, there are 2.3 banks per 10,000 Mexican ancestry population that
accept the Matricula card as identification. This compares to 6.2 in
Chicago.
The Individual Taxpayer Identification Number (ITIN), a nine-digit number
that begins with the number 9, was created for use on tax returns for those
taxpayers who do not qualify for a Social Security number. The IRS has
issued 7 million ITINs since 1996, when the policy was enacted.
According to a 1997 U.S. Department of Commerce report, foreign-born workers
comprise 11.4% of all U.S. workers, and 16% of all service workers in the
U.S. In that same year, immigrant households paid an estimated $133 billion
in direct taxes to federal, state, and local governments. Go to www.mcic.org
Hot Topics to view maps and read a short paper about this subject.
National data and analysis is also available on bank branches that accept
Matricula Consular cards and ITINs. Please visit the above story online and
follow the links.
Mari Gallagher
Senior Consultant
Metro Chicago Information Center
17 North State Street, Suite 1600
Chicago, IL 60602-3294
Direct Phone: (312) 580-2591
General Phone: (312) 580-2878
Fax: (312) 580-2879
www.mcic.org
MCIC . . .
Quantifying Strategic Decisions
This post transferred from the cdb-l mailing list