Hispanic PR- Visa USA today offered realities to common myths regarding financial services in the United States.

The effort to help new arrival Hispanics gain a new financial outlook in 2006 is part of the Visa Hispanic Financial Education Campaign, which was launched as a national effort to help educate Hispanics who primarily operate in a cash-based society.

Below, Visa Hispanic Financial Education Campaign spokesperson Eduardo Sayan provides important insight to long-held beliefs about the U.S. Financial System and money management:

IT’S YOUR MONEY: KEEP MORE OF IT

Myth: "Check-cashing stores are the best way for me to have immediate access to my hard earned funds. I save more using this service because banks will charge me more than I can afford."

"Actually, banks beat out check-cashing stores when it comes to your money," says Sayan. "According to a study by New Equality, a person who makes $1,050 after taxes each month and uses a typical check-cashing store will pay an average of $219.24 in fees a year, compared with $30 a year for a basic checking account. Often, asking for a direct deposit checking account eliminates all fees."

HABLA ESPANOL?

Myth: "I don’t speak English and banks don’t have information or people who will understand my needs or my language. I don’t read English, and banks never have information that I can understand."

"The truth is many banks now have bilingual staff to help answer your questions and materials in Spanish that explain their services," says Sayan. "Walk into your local bank or ask your friends where they have had good service in Spanish, and do not be discouraged if one bank only has English information. Another bank will have Spanish help."

IT’S ABOUT YOUR PROTECTION

Myth: "Where I come from there have been a lot of problems with banks. I know I will have the same problems here in the United States."

"To avoid having problems with banks, the United States government set up an insurance organization called the Federal Deposit Insurance Corporation, or FDIC," says Sayan. "This insures all bank accounts up to $100,000, so that even if the bank has a problem, you do not lose any money."

ARE YOU STORING OR SAVING?

Myth: "My life’s savings is safe under my mattress or in a hidden place in my home. Savings accounts aren’t safe and won’t give me access to my money when I need it most. I already save my money. It is stored in a jar under my bed to keep it safe."

"A savings account is a better place to keep your money for two reasons. The first is that it earns interest, which means it grows through time," says Sayan. "Also, your money is safer in a bank because it is insured up to $100,000. At home, you could lose your money if you have a fire or a robbery."

YOUR PERSONAL INFORMATION IS SAFE

Myth: "If I sign up for a bank account, the bank will give all my personal information to the government."

"Banks are there to serve you, not to report your personal information to the government," says Sayan. "They do not share your legal status or your personal information with the government."

IT’S SIMPLE AND CONVENIENT

Myth: "I don’t want to use a check because it is too complicated and risky. I’ll get penalized with fees when spending more than I have in my account. There’s no control."

"Carrying around a lot of cash is very risky because you could get robbed or lose it, and when cash is gone, it is gone," says Sayan. "A check card is an easy way to manage your finances. You just punch in your four-digit personal identification number or sign a receipt when you are buying groceries or gas, and check cards are accepted almost everywhere. Plus, you are always in-the-know on how much you have left. Almost every bank has a toll free, ‘1-800 number’ that allows you to check your balance. In addition, with a check card you get a statement that lets you know exactly how much you spent, so there is no guessing."

About Visa USA

Visa USA is the nation’s leading payment brand and largest payment system, enabling banks to provide their consumers and business customers with a wide variety of payment alternatives tailored to meet their evolving needs. Jointly owned by nearly 14,000 financial institutions, Visa USA is committed to increasing the choice, convenience, acceptance and security of Visa payments for all stakeholders in the payments systems – members, cardholders and merchants. Through its members, more than 458 million Visa-branded cards have been issued to cardholders, which are accepted at over 5.7 million locations within the United States. Each year, U.S.-based financial institutions rely on Visa’s processing system, VisaNet, to facilitate $1.3 trillion in transactions with virtually 100 percent reliability. Worldwide, cardholders in over 150 countries carry more than one billion Visa-branded cards, accepted at nearly 22 million locations, accounting for $3 trillion in annual transaction v! olume.