The banks turn their heads to the immigrant communities. And why not? Statistics from 2005 revealed that 6.6 million illegal immigrants throughout the nation had an average annual income of $29,500 and had a purchasing power of nearly $200 million, according to a Pew Hispanic Center study.

That is why alternatives for capturing this market are being tested, like the recent launch of a bank card that can be acquired by anyone, regardless of immigration status.

The SiGo card – a prepaid and rechargeable MasterCard and an ATM card – that has been developed by the LTD Company in Newark, is being tried out with the intention of reaching thousands of potential clients who don’t have access to bank accounts, including immigrants without a legal status.

The card is being tested by associations, like the New Labor Center in New Brunswick, a firm of workers with a large immigrant clientele. To date, the results appear to be fulfilling the expectations of those who have acquired it.

Jose Villanueva, a New Brunswick resident, obtained the special bank card that enables him to send money to relatives in El Salvador almost free of charge. Like Villanueva, the card has peeked the interest of dozens of people who previously had no access to a bank due to being undocumented who found themselves victims of robbery because of the cash they regularly carried in their pockets.

Even though the product “is not exclusively for immigrant’s use,” according to Richard Cunningham, executive director of the entity that promotes the card, this initiative coincides with recent efforts made by organizations of this type to increase the purchasing power in the immigrant communities.

“It has been a simple way to attract people that cannot obtain credit or debit cards from a bank to enjoy the benefits of those who do work with the banks. Immigrants put a lot of trust in businesses that offer these benefits, money wiring sites, check cashing places. In some cases they pay between $35 to $60 in money transfer fees,” explained Cunningham.

The SiGo Money Preferred MasterCard allows the beneficiary to have worldwide acceptance wherever the debit card is welcomed, the possibility of effectively recharging at any moment, having a card personalized with your own name that serves as a valid ID, free access to the account and history of transactions via Internet, and the ability to earn free minutes for telephone calls when the card is activated and each time that the user charges for a purchase.

A great advantage of this card is that it functions as a prepaid debit card; workers can utilize it to deposit money directly into an account to cash checks; and they can send duplicate cards to family members so that they can withdraw money from any electronic cashier or ATM in their country, at a much better rate than the money transfer agencies offer and without risk of losing their money.

The large sums of money that immigrants send to their countries of origin have sparked the interest of bank centers, which see an opportunity to take advantage of this market.

Responding to the magnitude of the money transfer practice, Bank of America Corp recently put into motion a new credit card program that is being tried out on clients that can be illegal immigrants; this new alternative, however, has raised an intense national debate.

The most stubborn illegal immigration critics called a boycott for of Bank of America, arguing that the bank could be supporting terrorists and drug dealers. Some indignant clients closed their accounts and returned their bank cards cut in little pieces.

However, Bank of America is not the first to offer such a card. Citigroup Inc. has done so for years, and Wells Fargo &Co. says that they’re considering offering such a card. These cards are merely the last evolution of an industry that has spent millions on attracting clients in the growing Latino community and among the 12 million illegal immigrants estimated to live in the United States.

Pedro, an Ecuadorian who arrived months ago in New Jersey and works for a construction company, is happy with the use of the new card. “I save myself the $6.00 that the delivery companies charge me”, he affirms. “In addition, I don’t have to carry money around,” he added.

But even more, according to Richard Cunningham, use of the card brings with it education for immigrant users on how to manage their money and how the bank system works in the United States.

“We will offer finance classes with the help of CitiGroup,” he explained, adding that the card users can access the New Labor computer lab to manage their SiGo accounts.

If you would like more information about how to obtain this card visit the website www.sigomone.com or call (732) 246-2900.