Climate disasters can be more difficult when you don't have a bank account

Transcript:

Climate disasters can be financially devastating. Recovery is especially difficult for people without a bank account.

Mauricio Garcia is with Latino advocacy group Unidosus. He said about 10% of Latino families in the United States do not have traditional checking or savings accounts. That's twice the national average.

People avoid banks for different reasons. Some people are blocked by fees and overdraft fees. Some people don't have the required identification to open an account.

Garcia: “Sometimes there are language barriers. … There may be concerns about putting your money into institutions you are not familiar with.”

But without a bank account, it may take longer to get relief assistance. It's hard to apply for a loan or insurance.

People may have to rely more on expensive services, such as expensive services, to help make ends meet.

Therefore, Garcia’s groups work with community groups to provide people with education about safe and affordable banking options.

He said that as climate disasters become more common, such outreach can help people recover more easily and gain more control over their financial future.

Garcia: “Empowering financially is so important – know and prepare for a quick, irritating event every day.”

Report Credit: Sarah Kennedy/Chavobart Digital Media