The $778 million Credit Union ONE in Ferndale. Mich., is now accepting identification cards from Mexican nationals living in the U.S. that will enable them to become a member of the suburban Detroit credit union.
The 102,000-member Credit Union ONE is now accepting the ID card at its Southwest Detroit branch, which recently determined that access to financial services for Mexican citizens living and working in the community was not being met.
The ID card, Matricula Consular de Mexico, is issued by the Mexican Consulate in Detroit.
“Changes to state laws and federal laws to combat terrorism and money laundering made opening an account impossible,” said Yvette Gonzalez, branch manager. “Matricula offers us the ability to assure access to services while also being compliant with various laws.”
Credit Union ONE is among a small group of credit unions that accept the Matricula Consular de Mexico card as a form of acceptable identification to open new member accounts. According to the credit union, more institutions across the U.S are accepting the card as an acceptable form of identification.
Credit Union ONE also said it is hoping that acceptance of the Matricula card and its partnership with the Federal Reserve funds transfer program, Director a Mexico, will open up more opportunities for membership in the area.
“Mexican citizens who have strong family ties to the community regularly move between the U.S. and Mexico to follow work,” said Gary Moody, president/CEO of Credit Union ONE. “It is critical for these people to establish account relationships to make deposits, save, and in many cases, move funds to relatives in Mexico.”