BoA launches Fiesta Fridays.

When it comes to the financial needs of Hispanics, the ability to send money to loved ones back home is high on their list of priorities.

According to a “financial fitness” survey conducted by Bank of America last year, 65% of Hispanics who remit money back home still use traditional money remitters. Remittance fees can add up to more than $200 a year but sending money with SafeSend®, the Bank of America remittance service, is completely free with a Bank of America checking account. Since the launch of free SafeSend in September, 2005, more than $126MM has successfully been remitted through the service.

“We understand that our Hispanic customers’ approach to personal finances includes a strong desire to support their families, no matter where they reside,” said Marcos Rosenberg, Hispanic Checking Executive at Bank of America.

The survey also revealed that 54% of U.S. Hispanics regularly send money to loved ones in their home countries. Other findings include:

– Almost half of Hispanics (49 percent) do not have a checking account.
– Forty percent of Hispanics who do not have a checking account say that they do not need one.
– One out of three (32 percent) Hispanics do not have any money set aside for emergencies.
– Less than half (42 percent) of Hispanics do not have a savings account and say they keep their money at home, putting their money and financial security at the risk of fire or burglary.

“Bank of America recognizes the importance of the Mexican and Hispanic communities and has been visionary in offering a free remittance service to their customers. We hope that this leadership will continue to support programs that are sensitive to the needs of our communities,” said Rubén Beltrán, the Mexican Consul General, Los Angeles.

“Features such as SafeSend® are designed so that we can establish a banking relationship that goes beyond just sending money safely and economically to Mexico,” said Rosenberg. Bank of America’s goal is to enable Hispanic customers to reach financial stability in ways that promote short and long term savings.”

In conjunction with Mexican Mother’s Day, traditionally the highest remittance holiday of the year, the bank also is launching Fiesta Fridays at select banking centers throughout the summer. An all-day community event in Los Angeles’ McArthur Park will serve as the official kick-off. These informal, fun events are designed to meet the needs of Hispanic individuals and families by promoting bilingual customer service offerings, distribution of in-language materials, and exchange in a culturally relevant and welcoming setting. Fiesta Fridays were developed by Bank of America associates in Los Angeles, based on their experience in serving Hispanic customers.

Fiesta Fridays is the latest initiative from Bank of America in offering products and services aimed at Hispanic consumers. The first to introduce Spanish-language ATMs, Bank of America also offers bilingual customer service, a Spanish-language website, banking centers at bodegas and other convenient locations for the community.