Banking the Unbanked

A bank account is key to financial security and success in the U.S. But for many immigrants, barriers to entry like Social Security numbers and steep fees put opening an account out of reach. Launched in February by the money-transfer provider Remitly, Passbook is an app that allows customers to open a bank account using a range of identification options, including an immigration ID or a passport, without any banking fees. Clients can also use the account, which comes with a Visa debit card, to transfer money to families abroad. For newcomers to the U.S., Passbook may be a financial stepping-stone. —Paulina Cachero

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