Many immigrants come to the US for a more stable financial future, but navigating a new and complex banking system can make it difficult for some newcomers to get their feet on the ground. The banking service, Majority, understands the difficulties immigrants face and offers financial tools specifically to immigrants to make the banking transition smoother.
Majority was founded by Swedish immigrant Magnus Larsson who was motivated to help other immigrants after he experienced difficulties with even simple tasks such as setting up a bank account in the US. Members pay five dollars a month for traditional online banking services, but with no minimum balance requirements or overdraft fees. It has also partnered with Ohio-based Sutton Bank, giving users access to their ATMs.
Majority is also building their “Community” section on their app and website which offers cultural guidance on topics such as visas, work permits, Social Security, taxes, health insurance, education, banking issues such as loans and credit.
According to the FDIC, 51 percent of foreign-born non-citizens are either unbanked or underbanked. This is due to lack of legal paperwork, lack of knowledge about banking systems, or simply discomfort with approaching banking resources. Majority, which fully launched in February of this year, hopes to offer a lifeline for its 20,000 registered users to bridge the gap between immigrants and full financial literacy.
The bank even works with brand ambassadors to learn how to better serve specific immigrant communities. Users only need an ID and an ITIN—an Individual Taxpayer Identification Number, to register, which are available without a SSN.
Majority is headquartered in Houston, but Larsson hopes to expand their services to help immigrants across the country, and even internationally, navigate the complexities of new banking systems.