Stilt has a new banking service meant to help immigrants moving to the US
No Social Security Number required.
When was the last time you tried to open up a banking account? How easy was it? Some paperwork, a Social Security Number, and you’re off to the races, right? If you are an immigrant in the US or one looking to move the US, the process is not nearly as simple, and for many, simply impossible.
Stilt is looking to change that. The company, which focuses on banking and financial services for immigrants, recently released a new service to its suite of fintech products. Stilt Banking gives immigrants a quick, easy way to obtain a bank account that not only gives them access to banking services globally, but also gives customers additional ways to build their credit.
Before getting into the credit part of the service, let’s look a little bit more at what benefits are provided to those that use a Stilt banking account.
The main thing here is that signing up for a Stilt bank account doesn’t require a Social Security Number. To add to that, account holders do not need to visit a physical location to confirm their account, everything is done online. Immigrants can sign up for the card up to 60 days before they arrive in the US, as well.
Stilt also highlights the fact that there are zero fees associated with the bank account. This includes overdraft fees, NSF fees, and annual fees. Money in the bank accounts are insured by the FDIC.
As mentioned, the bank accounts also give immigrants a convenient way to build credit, with Stilt providing up to $5,000 in loans. Using the Stilt app, you can keep up with this, as well as getting a convenient way to track expenses, as the app will break it down into categories like food, entertainment, and travel.
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