by Maine Credit Unions

For many New Americans, managing money in a new country can feel overwhelming. You may have concerns about trusting a financial institution with your hard-earned money, especially when worries about immigration status and deportation are widespread. However, keeping your money in a financial institution is considered one of the safest and smartest financial decisions you can make. 

Why bank at a financial institution? 

Your money is protected: Banks and credit unions are federally insured, so your money is protected.  

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Services are confidential and secure: Strict privacy laws regulating banks and credit unions protect your money and personal information. Credit unions and banks will not share information with immigration authorities. Your money will remain safe and secure, regardless of your immigration status.  

Cash can be risky: When using cash, there is a risk of theft, loss, and physical damage. Cash is untraceable, so once it’s gone, it’s gone. At a financial institution, your money is protected with the latest security technology and safeguarded against theft.  

Boosts your financial profile: Keeping money in a credit union account helps you build a financial history, which can make it easier to qualify for loans to buy a car or go to college, qualify for a credit card – or even secure housing.  

Accessing your money is safe and convenient: Even if you move to another country, you can still access your money easily and securely. With online banking, debit cards, and international transfers, you’ll have convenient and secure access to your funds whenever you need them.  

Answers to common questions  

Do I need a Social Security Number to open a bank or credit union account? Not necessarily. Many banking institutions allow noncitizens to open an account with an Individual Taxpayer Identification Number (ITIN), a foreign passport, or other forms of identification.  
Will I lose access to my money if my immigration status changes? No. Your money will remain in your account, and you can access it from abroad through online and mobile banking, debit cards, and/or international transfers. You can also designate someone else to have access to your account in the event of an unexpected situation 

Can the government take my money if my immigration status changes? No. Financial institutions operate independently and hold members’ or customers’ money in private accounts that are protected by strict regulations.