BY DANIELLE BRODY AND COLLEEN WILSON
As the number of Hispanic residents continues to grow in Westchester and Fairfield counties, the financial needs for these communities have widened. As a result, both regional and national banks have stepped up their efforts to be a go-to resource for new and longtime residents alike.
Data from the U.S. Census Bureau”™s American Community Survey showed that from 2010 to 2013, the Hispanic population grew 10.74 percent in Westchester County and 11.5 percent in Fairfield County.
The Business Journal spoke to representatives from Wells Fargo & Co. and TD Bank of Westchester, as well as Brewster-based Tompkins Mahopac Bank and Middletown-based Greater Hudson Bank, and Stamford-based First County Bank ”” all of which said they have hired more bilingual employees and expanded community outreach to serve the growing Hispanic population.
Galdino Velasco, owner of Tacos Guadalajara, said this was not the case when he emigrated from Mexico to Stamford nearly 60 years ago. Now, he said, he notices that nearly all the banks in Stamford have Spanish-speaking employees. He uses First County Bank and Wells Fargo and recommends them to other people.
“The bankers are adapting very well,” he said. “They have bilingual personnel ”” that”™s what matters.”
Jorge Perez, commissioner of the Connecticut Department of Banking, said the Hispanic
community is diverse; first- or second-generation Spanish-speakers have different needs than an immigrant who is unfamiliar with the banking system.
The community of more-sophisticated business professionals often requires more services, many that are not exclusive to the Hispanic community, said Fannie Aleman, vice president of Greater Hudson Bank and president of the Westchester Hispanic Chamber of Commerce.
“They need more resources; they need financing; they need more employees; and they don”™t know how to take their business to the next level,” she said.
Brenda Stuart-Luke, the senior stakeholder liaison in New York for the Internal Revenue Service who has been with the agency for 36 years, said some of the biggest outreach initiatives the IRS has pursued over the years in some immigrant communities are record-keeping and registering for an individual taxpayer identification number.
An ITIN is a number in lieu of a Social Security number created by the IRS primarily for immigrants to file taxes.
Stuart-Luke said these two items have been important for years because when individuals apply for citizenship, they have to produce these documents.
“When they go to apply, they have to show five years of (tax) filing and if they have not used the right (ID) number,” she said, “they create a problem for themselves and other people.”
But Milan Bhatt, executive director of Mamaroneck-based Hispanic Resource Center, said that individuals who use ITINs and other alternative forms of identification can run into problems.
“It”™s been a real issue and a real challenge especially for immigrants who don”™t have status or can”™t establish photo identification,” Bhatt said. “We”™d like to see a lot of banks move in that direction to be able to accept other forms of ID.”
Aleida M. Frederico, the senior relationship manager in commercial lending of TD Bank, said they try to work with individuals who can provide valid documentation, such as W-8 forms, which are filled out by non-U.S. residents who make an income in this country, ITINs, and secondary forms of identification, such as green cards, driver”™s licenses or employee cards.
Navigating tax filings, how to open bank accounts and good business practices have become important topics for banks to communicate to their bilingual customers.
“You have a newer population that might not feel as comfortable and that”™s where some of us play a role in education,” she said, adding that focusing on financial education is the “key to helping everyone reach their goals.”
Kevin Friedlander, Wells Fargo”™s northeast spokesman, said the fastest-growing businesses in the country have diverse owners. Wells Fargo makes them aware of the lending options available, he said. For customers who are newer to banking, the bank offers bilingual education with workshops about buying a home, money management and wealth-building and an online course called Hands-On Banking, he said.
Both TD Bank and Wells Fargo have Spanish versions of their websites and Spanish customer service representatives. Wells Fargo”™s mobile application has a Spanish language option.
Reyno Giallongo, chairman and CEO of First County Bank, said that in the past few years the bank has translated company brochures into Spanish. Bilingual speakers work in the branches as tellers, in the trust and commercial lending departments and in the call center. The employees try to be sensitive not only to the language but also to the cultural differences in the community.
“We strive to make sure that the customers are comfortable and they understand the transaction ”” it could be as simple as cashing a check over the counter or as complex as a loan transaction,” Giallongo said.
The bank offers financial education in the school system and has had more requests to deliver it in Spanish at schools and at nonprofits, Giallongo said.
John Kraus, senior vice president and senior commercial loan officer at Tompkins Mahopac Bank, said the bank works with local organizations that minority groups have access to, such as Community Capital, a nonprofit alternative community lender serving the Hudson Valley and Fairfield County. The bank has started to do more outreach with nonprofits.
“We do recognize the Hispanic community as a key contributor to our society and local economy,” Kraus said. “It”™s not just great community relations, but great business practice.”
And in just the last few months, Stuart-Luke, the IRS”™ field outreach liaison, has also begun visiting the Greater New York region, starting in May when she visited Port Chester for a workshop.
Stuart-Luke said that in addition to the seminars the agency is looking to bring north of New York City, the IRS has begun offering webinars about finance information in English, Spanish and Mandarin.
“I”™m trying really hard to push that there is an influx of people in these communities and why they need information,” she said.
