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Banking on the Future with Citi
Financial Literacy Program

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“It's really hard when you come to this country you know nothing. I would give people money to pay bills and would find out later they didn't. Now I understand minimum balance or fees are charged but in the beginning it was very scary when I would get letters from the bank. I'm happy to say I have savings and checking accounts in good standing. I make it my business to educate the newcomers so they won’t have to suffer like I did.”

-African immigrant in Philadelphia
With few exceptions, refugees and immigrants aspire to building a better future in the United States by working hard, saving money, and owning a car, a home, even a business.  As they often come from countries with very different financial systems, many need assistance in developing sound financial management practices in the United States.  Through its Financial Literacy Program, funded through a grant from Citi Foundation, USCRI works to ensure that clients achieve and maintain financial success and security.  USCRI educates clients to begin, soon after their arrival, to learn to navigate the complexity of mainstream financial services in the United States, and to make informed choices that enable them to save, establish good credit, and invest in their future.

USCRI’s Participation
With the support of Citi Foundation, USCRI has developed a culturally appropriate financial literacy curriculum Banking on the Future that can be used by case managers, English Language instructors and qualified community volunteers to help newcomers acquire the information they need to choose and use U.S. banking and other financial services.  USCRI has created brochures and information sheets appropriate to USCRI clients’ English language proficiency and relevant to their knowledge of U.S. banking, credit and other financial systems.  USCRI reaches out to mainstream banks and financial institutions to educate them about the types of products and services that best meet the needs of refugee and immigrant clients.

Partner Agencies’ Participation
USCRI partner agencies provide their clients with information that ranges from the basic -- learning U.S. currency, how to use a bank and maintain a savings account – to the complex – checking a credit score, applying for a loan, filing a tax return, using electronic banking.  They integrate orientation and education sessions into job readiness classes and English language instruction.  USCRI partners collect data that enables USCRI to better understand refugee clients’ attitudes, practices and needs for financial literacy services.

Communities’ Participation
Local communities also play an important role in educating newcomers about financial services and managing household finances.  Volunteers take refugees to the bank, and help them with filing taxes and filling out loan applications.  Local bank personnel conduct financial literacy seminars that are translated for newcomers.   

Clients’ Participation
Once they begin to understand how to use a bank, a checkbook, credit and debit cards, and different kinds of electronic banking, USCRI clients begin making strides towards economic security and asset accumulation.  Even those with limited income save avidly to support family members, purchase cars, appliances and homes.  They are also active in helping other newcomers to learn and to make good financial decisions as they settle in the United States.