If you’re looking for a safe, simple way to manage your money, a digital wallet could be the ideal complement to your finances. It’s a mobile application that lets you bring together your cards and other financial products in one place.

In recent years, it has become a key tool for digital money management due to its convenience and security.

Below we explain in detail what a digital wallet is, common uses, advantages, and some examples of the most popular digital wallets in the United States.

What is a digital wallet and how does it work?

A digital wallet is an application for Android- or iOS-compatible devices that securely stores credit or debit card details, or bank account information and lets you access it quickly and safely to make digital payments and other transactions.

How it works is simple: you register your banking information in the app, where it’s encrypted to keep it secure and prevent third-party access. This lets you make electronic payments in seconds through several methods—scanning a QR code, using a smartphone with NFC technology, or selecting the digital wallet at checkout for online purchases.

There is a wide variety of digital wallets in the United States; the most popular include Apple Pay, Google Wallet, Samsung Pay, and PayPal.

Most common uses of a digital wallet

A digital wallet simplifies day-to-day transactions for the thousands of immigrants living in the United States. These are the most common uses of this type of tool:

Pay in-store and online

Using a digital wallet in a store is easy as long as the merchant accepts contactless payments. In that case, simply enable NFC on your phone and hold it near the payment terminal. The payment will process automatically without entering additional information.

To pay online, first make sure you’ve added your bank accounts to the wallet’s mobile app. Then go to the product or service page and choose your digital wallet as the payment option. You may be prompted to enter an authentication factor for security.

Send money to family and friends

Another common use of digital wallets—especially among immigrant users in the U.S.—is sending remittances quickly to their home countries. Depending on the app, these can be less costly than traditional banks.

Store cards and documents

A digital wallet is also a handy organizational tool for keeping not only financial products like debit and credit cards, but also other digital items such as transit cards, tickets, and discount coupons.

Manage your money better

These applications also make it easy to keep your finances organized, create monthly budgets, and stay on top of day-to-day transactions.

4 advantages of using a digital wallet

Managing your financial products with a digital wallet has several notable benefits that can completely change how you make digital payments.

1. Security: lower theft risk compared with carrying cash.

Carrying cash is always riskier than digital options because of loss or theft. A digital wallet removes the need to depend on cash and streamlines payments online and in physical stores.

In addition, your personal information is encrypted so only you can access it. You can also add app-level security like biometrics and passcodes, facial recognition, and Touch ID.

2. Convenience: everything is on your phone, without carrying multiple cards.

Beyond avoiding cash, a digital wallet also means you don’t need to carry physical cards everywhere—you can add your accounts in the digital wallet app and pay from your mobile device.

3. Financial inclusion: ideal for immigrants without easy access to traditional banks.

A common challenge for immigrants newly arrived in the United States is meeting the requirements to open a traditional bank account. In contrast, a digital account would be far more accessible option for everyday essentials like receiving money, paying bills, and sending remittances to Latin America quickly and easily.

4. Financial control: lets you review expenses and organize money more clearly.

With a digital account, you can more easily track your money by enabling notifications on your phone to stay aware of every payment.

It can also log all your transactions and help maintain a monthly budget to ensure your money covers your U.S. expenses while supporting family in Latin America.

Examples of popular digital wallets in the United States

• Apple Pay

This is Apple’s official payments service and is built into all its products by default, such as iPhone and Apple Watch. One major advantage is that more than 85% of merchants in the United States accept it.

Its wide acceptance makes it very convenient for immigrants, whether for everyday shopping or paying monthly bills.

It also offers Apple Cash, which functions like a digital card and allows sending and receiving money, but it’s only available in the United States.

• Google Wallet

This is a virtual wallet available to Android mobile users. It’s a more complete option than its predecessor Google Pay, with features such as tap-to-pay.

It’s very useful for immigrants because it also stores official documents like licenses and various IDs.

• PayPal

PayPal is one of the most popular digital wallets not only in the U.S. but worldwide. It lets you store payment information easily, and sending money to other countries is straightforward thanks to its wide coverage.

• Cash App

Cash App is an application that lets registered users send and receive money. It may be a suitable alternative if you need a debit card and ATM withdrawals.

Manage your money as an immigrant with Común 

In this article we showed you that a digital wallet is an application to store all your financial information in one place, plus the advantages, how they work, and the most popular brands in the United States.

If you want to simplify your finances, get to know Común, the platform that offers you:

• A checking account with clear, competitive fees.

• A debit card you can link to a digital wallet.

• Fast money transfers with affordable fees.

• Mobile banking available in Spanish and English

Open your Común account today with official ID from your country and start using your digital wallet to manage your money in the U.S.

Frequently asked questions

If you still have questions, see the section below.

What is the most reliable digital wallet?

You can choose options like Apple Pay, Google Wallet, and PayPal, as they have sufficient reputation for handling personal information.

How do I activate a digital wallet?

Download the application via Google Play or the App Store, create an account, add your cards, and complete the necessary verification.

Is it safe to use a digital wallet?

Yes, because they use encryption and tokenization to keep your information secure.

Declined: Why?

Picture this: you're in the checkout line, ready to pay for your purchases. You've carefully budgeted for the week, and now it's time to swipe your card. But instead of the usual approval sound, you hear something different, and the cashier tells you your transaction has been declined. Embarrassed and confused, you reach for another card or cash, wondering what went wrong.

Transaction Limits

Every bank and financial institution imposes certain transaction limits to ensure security and manage risk. These limits can vary depending on the type of transaction:

• Daily Withdrawal Limits: There may be a limit on how much cash you can withdraw from an ATM in a single day.
• Purchase Limits: Transactions made with your debit or credit card may have a maximum limit per transaction or per day.
• Transfer Limits: Transfers between accounts, especially international ones, often have set limits to prevent fraud.

If your transaction exceeds these predefined limits, it will be declined. Always check your bank's policy on transaction limits and plan your transactions accordingly.

Incorrect PIN Entry and Fraud Protection Rules

Your Personal Identification Number (PIN) is crucial for authorizing transactions. However, if the PIN is entered incorrectly more than four times, the transaction will be automatically declined. This is a security measure to prevent unauthorized access to your account.

If you forget your PIN, you can easily retrieve it through your banking app in the cards section. Be sure to memorize it or store it securely to avoid repeated declines.

To protect customers against fraud, banks have rules to block transactions that appear suspicious. These can include:

• Unusual Spending Patterns: Large or out-of-the-ordinary transactions can trigger a block.
• Geographic Restrictions: Transactions from locations far from your usual activity may be flagged.
• Repeated Declines: Multiple declines or failed attempts can lead to a temporary block.

If you're planning a large purchase or traveling internationally, notify your bank in advance to avoid unnecessary declines.

Cash Deposits and Insufficient Balance

When depositing cash at an ATM, it's important to know that deposits generally can only be made into checking accounts and at specific ATMs like Allpoint+. Trying to deposit cash at a different ATM or into a savings account will result in an error. Always check the account type and ATM capabilities before attempting a deposit.

Additionally, one of the most common reasons for a declined transaction is insufficient balance. Make sure you have enough funds in your account before making a transaction. You can easily check your balance using your banking app. Regularly monitoring your account helps avoid declined transactions and possible overdraft fees.

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Card Activation or Card Locking

When you receive a new physical card, it must be activated before use. Until it's activated, any attempt to use the card will be declined. Activation can usually be done quickly through your banking app in the cards section. Follow your bank's instructions to make sure your card is ready to use.

On the other hand, for security reasons, you may need to lock your card if it's lost, stolen, or if you suspect fraudulent activity. This can easily be done through your banking app in the cards section. Locking the card prevents any unauthorized transactions and gives you control over your account's security.

[Image: credit card — keep as-is]

Understanding Declined Transactions

Beyond the common reasons, there are additional factors that can lead to a declined transaction:

• Credit Limit: If you've reached your card's credit limit, any additional transaction will be declined. You can request a credit limit increase from your card issuer if you frequently reach your limit.
• Incorrect Payment Information: Make sure the billing address, card number, and expiration date entered are correct. An incorrect credit card number or billing address will result in a declined transaction.
• Expired Card: Using an expired card will lead to a declined transaction. Always check the expiration date and update your payment method with a new card when needed.
• Suspected Fraud: Banks may decline transactions they suspect are fraudulent. This includes transactions in a different city or country. You can contact your bank to resolve fraud alerts and authorize the transaction.
• Insufficient Available Credit: For credit card transactions, make sure you have enough available credit to cover the purchase. Monitoring your remaining balance can help avoid declines.
• Temporary and Final Declines: Temporary declines (soft declines) are temporary and can be retried, while final declines (hard declines) are definitive and require contacting the issuing bank for resolution.

We'll teach you everything you need to know about bank accounts in the United States.

Conclusion

Understanding the reasons behind declined transactions can help you manage your finances more effectively and avoid unnecessary stress. By familiarizing yourself with transaction limits, using your PIN correctly, being aware of fraud protection measures, ensuring a sufficient balance, activating new cards, and knowing how to lock your card if needed, you can ensure smoother, safer banking experiences. Stay proactive with your banking habits and use the tools your bank provides to stay in control of your financial activity.

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Popular apps to send money from the United States

The short answer is that it depends on what you're looking for. Whether you're splitting rent with a roommate, paying a friend back for dinner, or sending money home to your family in Mexico or Guatemala, there's an app for it. The key is selecting which one to use and when.

Sending Money from your phone

Today, millions of people living in the United States send money in minutes from their phones. This can be done to another person's bank account for someone sitting across the table from you at lunch or to a family member in a different country.

However, it is important to consider that not all apps work the same way, and choosing the right one for you could save you time or money. Some service providers offer fixed fees, while others offering international transfers include the cost in the exchange rate. This directly impacts how many pesos, quetzales, or lempiras your loved ones receive after the conversion.

How to compare money transfer apps?

It is recommended to look at three key factors that could impact the real cost of any transfer:

The transfer fee

The flat fee or percentage charge that is presented before the transaction is made. Some apps charge both a transfer fee and an exchange rate markup, while others charge only one. For domestic transfers within the United States, the fee is often the main cost to evaluate.

Speed

Faster delivery options could have a higher cost. Many apps offer a standard option that takes a few days at a lower cost, and an express option for more urgent transfers. For domestic transfers in the US, instant or same-day delivery is more common, though it may still carry an extra charge depending on the provider.

The exchange rate spread

For international transfers, this is the gap between the mid-market rate and the rate the app offers you. It is one of the most important cost drivers when sending money abroad. For domestic transfers in the US, there is no currency conversion, so this factor does not apply.

An overview of popular money transfer apps from the U.S.

Reviewing six popular remittance apps in the U.S.

Sending money within the United States is not the same as sending money abroad. The costs and logistics work differently, especially when currency exchange comes into play.

1. Común

Común is a digital financial platform that offers services in Spanish and supports both domestic transfers and remittances to countries across Latin America. Users can receive direct deposits into a Común account and send money from the same balance. Transfers are typically completed within minutes, with an average delivery time of around eight minutes depending on the destination and method. Común also operates with cumulative transfer limits over time: $2,999/day · $4,999/7 days · $9,999/30 days · $19,999/90 days. To learn more visit comun.app/remittances.

2. Remitly

Remitly offers multiple delivery options, including bank deposits, cash pickup, and mobile wallets. The app tends to offer promotional exchange rates available for the first transfers; however ongoing transfers tend to include a different spread. It is important to review each service provider's exchange rate spread. Speed is flexible: Express transfers are faster but could come with a higher cost embedded in the rate.

3. Wise

Wise shows the mid-market rate and charges with a clearly defined fee. This model makes it easier to understand what you are paying. It is an app that users have reported to be useful when managing multiple currencies or sending money to different regions across the world.

4. Xoom

Xoom is part of PayPal, which can be convenient if you already use PayPal regularly. Transfers are generally quick to initiate and familiar for those who already know the platform. In some cases, exchange rates may include a wider spread compared to more specialized remittance providers, so it can be useful to check the rate offered on the day of the transfer.

5. Western Union

Its biggest advantage is cash pickup. Recipients can collect money in thousands of locations, which can be useful for those receiving the money who don't have bank accounts. The costs vary widely depending on how you send and receive money.

6. Felix Pago

Felix Pago operates through WhatsApp, which could simplify the transfer process for some users. It is primarily focused on transfers to Mexico, and pricing can be competitive in certain cases, though exchange rate spreads may vary depending on the transfer method and timing.

Which app works best for each country?

The reality is that it depends on specific needs, whether it is lower costs, delivery options or speed. Mexico is one of the largest recipients of remittances globally — most major apps support transfers from the United States to Mexico. Guatemala and Honduras are supported by several providers, including Común, Remitly, Western Union, and Xoom. Colombia and El Salvador are also served by a mix of providers.

What's the best exchange rate available right now?

It changes. Exchange rates fluctuate with currency markets, and provider margins shift with them as well. The recommended approach is to model your specific transfer before sending. Some app service providers offer tools to enter the amount and calculate the amount your recipient would actually receive.

What can I look out for when sending money?

Typos in recipient information:

These are the most common and costly errors. A wrong digit in a phone number or account number can delay a transfer for days or send money to the wrong person entirely.

Sending on a Friday afternoon or holiday weekend:

This often means that the money won't arrive until Monday or Tuesday, even for services that advertise same-day delivery.

Choosing the wrong delivery method:

A bank deposit doesn't help someone who doesn't have a bank account. A cash pickup location that's far from your recipient's town isn't convenient, no matter how fast the transfer is.

Not comparing rates for larger transfers:

The exchange rate spreads and fees directly affect the final amount the person receives.

FAQ

Which app charges the least?

It depends on the destination, amount, speed, and delivery method.

Which app is the fastest?

Speed can vary between domestic transfers within the United States and international remittances. Some providers offer faster delivery options that may come with an additional cost.

Can I send money without a bank account?

Some financial service providers like Común allow you to open an account with your home country's official ID which may be used to manage your finances and send money. Western Union also accepts cash payments at agent locations.

Are these apps safe?

Many money transfer apps operating in the United States are registered with financial authorities and are required to follow regulations related to consumer protection and anti-money laundering. Issues are often linked to user input rather than the platform itself.

The right app depends on what you need

The right app depends on what you need, and that can change over time. There is no single option that fits every situation. What tends to make the biggest difference over time is paying attention to the full picture, including fees, timing, and the final amount your recipient receives.

If you send money regularly to Latin America, it may be worth exploring options that combine everyday banking with remittances in one place. Visit comun.app to learn more.

Remittance service provided by Service UniTeller, Inc. Service UniTeller, Inc. is licensed in all states that require a license. Remittance fees start at $2.99 but may vary. Please check the app for more details. Comun Inc. may earn revenue from the conversion of foreign currencies.

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Halloween and Día de Muertos fall on consecutive dates, October 31 through November 2, but they come from completely different traditions. Halloween has Celtic origins and is widely celebrated in the United States with costumes, trick-or-treating, candy, and spooky decorations. Día de Muertos is a celebration in Mexico that honors relatives who have passed, centered on ofrendas, favorite foods, and marigold flowers.

Because the two celebrations happen at nearly the same time, it's easy to wonder how they relate to each other. One focuses on costumes and neighborhood traditions, while the other is a time to remember loved ones who have passed. Many Latino families in the United States celebrate both, each with its own meaning. Understanding what makes each tradition unique can help preserve their significance while enjoying both.

What is Día de Muertos and where does it come from?

Día de Muertos is a Mexican tradition that honors the memory of relatives and loved ones who have died, observed on November 1 and 2. Its roots go back to pre-Hispanic cultures in Mesoamerica, including the Mexica, Maya, and Purépecha peoples, who saw death as a continuation of life rather than an ending. Over centuries, these Indigenous practices blended with Catholic traditions brought by Spanish colonizers, creating the celebration recognized today.

Families build ofrendas at home or at gravesites, placing photos, favorite dishes, candles, and marigolds to welcome the spirits back for a visit. UNESCO inscribed the celebration on its Representative List of the Intangible Cultural Heritage of Humanity in 2008, after originally proclaiming it in 2003. The holiday is about celebrating the lives of the people who have passed. Families gather, tell stories, prepare their favorite dishes, play their favorite music, and build ofrendas.

Some regions in Mexico celebrate slightly differently. In Michoacán, families spend the night at the cemetery with candles and food. In Oaxaca, comparsas (costumed parades) fill the streets. However, the heart of the celebration is honoring those who have passed by celebrating their lives.

What is Halloween and how is it celebrated in the U.S.?

Halloween is a tradition celebrated widely in the United States on October 31, a day when people wear costumes, children go trick-or-treating, families and friends carve pumpkins, and decorate their homes with haunted house decorations. It has roots in ancient Celtic festivals and later Christian observances, but in its modern form it is mostly a secular, community-based holiday for children and neighborhoods.

Halloween is widely celebrated across the United States, but it is not a federal public holiday, so schools and most workplaces stay open. Kids often dress up for school during the day and go trick-or-treating door to door in the evening. Neighborhoods decorate their yards with pumpkins, cobwebs, and lights weeks in advance.

For many Latino families in the United States, Halloween is one of the first traditions children experience at school and in their neighborhoods. Costume parades, classroom activities, and trick-or-treating are common parts of the celebration.

Halloween vs. Día de Muertos: key differences

Halloween and Día de Muertos take place within days of each other, which can make them easy to confuse. While both are widely celebrated during fall, they have different histories, traditions, and meanings. Being familiar with those differences can help you understand each better and celebrate accordingly.

• Purpose:
  Halloween is playful and focuses on costumes and candy. Día de Muertos is a remembrance of loved ones who have passed.
• Origin:
  Halloween developed from Celtic and Christian traditions in Europe and later took its modern form in the U.S. On the other hand, Día de Muertos comes from Indigenous Mesoamerican beliefs blended with Catholic practice.
• Symbols:
  Halloween decorations include pumpkins, ghosts, and skeletons as spooky themes. Día de Muertos centers on marigolds, candles, pan de muerto and offerings with specific meanings.
• Mood:
  Halloween aims to scare or entertain. Día de Muertos aims to honor and reconnect, often with warmth rather than fear.
• Status in the U.S.:
  Halloween is a widely observed cultural tradition, not an official public holiday. Día de Muertos is increasingly recognized in U.S. cities with large Latino populations, through parades, museum exhibits, and school programs, though it is not a national holiday either.

Although the celebrations take place during the same time of year, each has its own history and purpose. Many families choose to celebrate both while preserving and embracing the traditions and cultural meaning of each one.

How to celebrate Día de Muertos in the United States

Día de Muertos is celebrated in many parts of the United States, especially in communities with a strong Mexican and Latino presence. Cultural centers, museums, schools, and community organizations often host public altars, festivals, parades, and educational events during the days leading up to November 1 and 2. These events offer an opportunity to learn about the tradition and take part in local celebrations.

Many families also observe Día de Muertos at home. The way it is celebrated varies from one household to another, but common traditions include:

• Setting up an ofrenda with photos and personal items of relatives who have passed.
• Preparing a favorite meal or drink of the person being remembered.
• Sharing stories and family memories with children and other relatives.
• Visiting a local Día de Muertos festival, museum exhibit, or community altar.
• Buying traditional foods such as pan de muerto from a nearby Mexican bakery or grocery store during the season.

Because Halloween and Día de Muertos take place within the same week, many families participate in both. Children may go trick-or-treating on October 31 while the family gathers on November 1 or 2 to remember loved ones and continue Día de Muertos traditions.

How to set up a traditional ofrenda

The ofrenda is built to welcome the spirits of deceased loved ones back for a visit. While designs vary by region and family, most ofrendas include the same elements that follow the tradition:

• Photos:
  Pictures of the relatives being honored, placed at the center or top level.
• Cempasúchil (marigold) flowers:
  Their scent and bright color are believed to guide spirits back home. They're the most traditional flower for the occasion.
• Pan de muerto:
  A sweet bread shaped like bones, representing an offering shared with the departed.
• Favorite foods and drinks:
  Whatever the honored person enjoyed most in life, from mole to coffee to a favorite tequila.
• Candles:
  To light the path back for the spirit and represent hope.
• Papel picado:
  Cut tissue paper banners representing the wind and the connection between life and death.
• Sugar skulls (calaveras):
  Decorative and symbolic, representing the deceased with color rather than fear.
• Salt and water:
  Salt to purify the soul on its journey, water to quench its thirst after traveling.

Ofrendas are often arranged on two or three levels, symbolizing heaven, purgatory, and earth. But there is no single correct way to build one. Some families also include religious images, incense or seasonal fruit. However, it is very important to add something that had a special meaning for the person being remembered. That could be personal belongings, clothes, perfumes, but when you don’t have the items accessible, they can still be represented through colors, music or symbolic gestures. What matters is creating a space that reflects the memory of the loved ones being honored.

How to send money home so your family can celebrate Día de Muertos

Preparing for Día de Muertos often means buying flowers, candles, pan de muerto, ingredients for family recipes, and other items used to build an ofrenda. For families celebrating in Mexico or other parts of Latin America, money sent from relatives in the United States can help cover those seasonal expenses and support the holiday preparations.

If you plan to send money for the celebration, it's a good idea to do it before the end of October so your family has enough time to shop before November 1. Común Remittances allows eligible customers to send money from the United States to Mexico and other Latin American countries, with transfer fees starting at $2.99. Transfers typically arrive in less than 10 minutes, and money can be sent through the app without visiting a physical location. Eligible customers may be able to apply for a Común account with a valid passport, matrícula consular card, or more than 100 valid Latin American IDs.

Even from thousands of miles away, you can celebrate Día de Muertos whether it's in the US or by supporting your loved ones back home. Marigolds and pan de muerto make the celebration special but what matters most is honoring those who have passed by celebrating their lives in any way that you might find meaningful.

FAQ

What is the difference between Halloween and Día de Muertos?
Halloween is a tradition widely celebrated in the United States, focused on costumes, candy, and spooky fun, celebrated October 31. Día de Muertos is a Mexican tradition that honors deceased loved ones through ofrendas, food, and flowers, celebrated on November 1 and 2.

Is Día de Muertos celebrated in the United States?
Yes. Cities with large Latino populations hold public festivals, parades, and museum exhibits for Día de Muertos. Many families also celebrate at home with a private ofrenda.

What goes on a Día de Muertos ofrenda?
An ofrenda can include photos of the deceased, marigold flowers, pan de muerto, favorite foods and drinks, candles, papel picado, and sugar skulls. Salt and water are often included to represent purification and rest after the spirit's journey.

What do families in Mexico typically buy to prepare for Día de Muertos?
Marigolds, candles, pan de muerto, ingredients for the meal being offered, and materials for the ofrenda. Many families in the U.S. send money home to help with these costs.

How do I explain Día de Muertos to my U.S.-born children?
Focus on remembrance rather than fear. Share photos and stories about relatives who have passed, and let kids help build the ofrenda so they understand it as a way of keeping memory alive, not something scary.

What flowers are traditional for Día de Muertos?
Cempasúchil, also known as marigold, is the most traditional flower. Its bright color and strong scent are believed to guide spirits to the ofrenda so they can enjoy their favorite meal or drink.

Común is a financial technology company and not a bank. Banking services are provided by Community Federal Savings Bank, Member FDIC. The Común Visa® Debit Card is issued by Community Federal Savings Bank, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

Remittance service provided by Service UniTeller, Inc. Service UniTeller, Inc. is licensed in all states that require a license.

Remittance fees start at $2.99, but may vary. Please check the app for more details.

Común Inc. may earn revenue from the conversion of foreign currencies.

Ways to Invest Money and Secure Your Future in the United States

One of the constant concerns for people who leave their home country in search of better opportunities in the United States is financial uncertainty, often caused by poor management and a lack of knowledge about effective strategies to grow their money.

Saving products are an alternative that allows you to save money in the long term while earning interest—returns that depend on the term and the rate offered by the financial institution.

Knowing the different ways to save money is a way to ensure financial stability for you and your family. Below, we explain the types of investments and the safest ways to get started. Please note that investment products are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.

What Does It Mean to Invest Money and Why Is It Important?

Investing means allocating money toward a goal with the aim of obtaining higher returns in the future. You can do it on your own, through a business, or with formal financial instruments that put the contributed money to work to pay interest over defined time frames.

Here are some benefits of using investment strategies:

• Financial security: gives you the confidence of having a savings fund for the future.

• Financial growth: puts your money to work to generate passive income and avoid losing value due to inflation.

• Family support: helps you plan long-term family projects, such as buying a home or paying for children’s higher education.

How to Define Your Goals and Risk Profile Before Investing

Before you begin, keep in mind that all investments involve some level of risk. If you’re a beginner, it’s essential to start at a level that matches your situation.

You should also be clear about your financial goals—the targets you want to reach in the short, medium, and long term.

Risk Profile

A risk profile is an investor’s ability to handle potential losses caused by market fluctuations.

These are the three main types.

Conservative

This profile is ideal for people not familiar with investing, as it involves low risk. Although returns are steady, they tend to be lower than other investment alternatives. Preferred options include savings accounts and short-term investment funds.

Moderate

This profile suits somewhat more experienced investors who are willing to take moderate risk by combining safer investments with slightly riskier ones to obtain better returns.

Aggressive

This profile is for those who have a strong command of investing. They have a high tolerance for losses and aim for high income through significant long-term investments, typically in the stock market, high-yield funds, and real estate.

Determine Your Risk Profile

Next, define the risk profile that aligns with your personal finances and your experience with these instruments.

Follow these tips to help you make a smart investment.

Step 1. Assess Your Current Financial Situation

Take stock of your finances—consider your income, monthly expenses, debts, and existing savings.

Step 2. Determine Your Investment Goals.

Set exactly what you want to achieve and in what timeframe—for example, buying a home, traveling abroad, paying for medical treatment, or simply building an emergency fund. Remember that long-term investments involve higher risk but can also offer higher returns.

Step 3. Decide How Much You Can Invest Initially.

Based on your budget, determine how much you can allocate to your initial investment and whether you can increase it later.

Step 4. Evaluate Your Risk Tolerance.

Analyze your willingness to accept potential losses and their impact on your personal finances.

Here is a comparative table for clarity.

Investment Profile

Risk Level

Time Horizon

Potential Return

Characteristics

Conservative

Low

Long – Medium

Low

Prioritizes safety over return.

Moderate

Medium

Medium – Long

Low – Medium

Balances safety and returns.

Aggressive

High

Long

High

Seeks to maximize long-term gains, with higher risk.

4 Accessible Investment Options for Beginners

A common misconception is that you need a significant amount of money to become an investor. In reality, there are accessible alternatives that let you start with small amounts, easily.

Here are four ideal options to start investing.

Index Funds

Index funds pool money from multiple investors to buy stocks or bonds.

Main Benefits:

• Automated operation.

• Easy diversification.

• Potential for good long-term returns with little effort.

Certificates of Deposit (CDs)

A certificate of deposit is an investment made directly with a financial institution for a fixed term, meaning you cannot withdraw the money during that period.

Main Benefits:

• A relatively secure way to start investing, as it’s offered by financial institutions.

• Generates steady, predictable returns.

Bonds

Bonds are loans to companies or governments that pay interest periodically and generally carry lower risk.

Main Benefits:

• Income is more predictable.

• A good option to diversify alongside slightly riskier investments.

Digital Investment Accounts

An accessible option that allows you to invest from a mobile application.

Main Benefits:

• Let you start with very small amounts of money.

• Very beginner-friendly for entering the world of investing.

Before choosing an investment vehicle, consider your risk profile. If you prefer stability over returns, CDs or bonds may be ideal.

Avoid “putting all your eggs in one basket.” The key to smart investing is diversifying across several instruments, even with small amounts.

Simple Habits to Invest and Review Your Strategy

When you start investing, it’s important to be realistic, stay patient, and remain consistent with your financial goals.

Here are some simple practices to keep your investments on track.

• Review your investments at least every 3 to 6 months.

• Adjust your strategy as your goals or financial situation change.

• Use digital tools to monitor your progress.

Use Común to Manage Your Money Easily as an Immigrant in the U.S.

Financial management is a responsibility you should entrust to an accessible platform.

Meet Común! The financial service that lets you send, receive, and withdraw money within and outside the United States, quickly, simply, and securely. 

Común is a mobile app that allows you to open an account easily with a qualifying official identification from your home country, so it’s a great option for the immigrant community.

Open your account with Común and start sending, receiving, and withdrawing money. Enjoy Spanish and English language support, clear fees, and a digital platform ideal for the immigrant community in the United States.

Frequently Asked Questions (FAQ)

If you still have questions, see the section below. Please note that investment products are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.

How much money do I need to start investing in the U.S.?

There are quite accessible investment options today, especially digital platforms. Some let you start with amounts as low as $1 or $5, which is ideal for learning to invest.

Is it safe to invest as an immigrant?

Yes—even if you are not a legal resident, you can invest money in the United States. Just make sure to use regulated institutions and platforms.

What if I want to change my investment strategy in the future?

It’s common to change your investment strategy to match your financial goals. Review your investments periodically and make the necessary adjustments according to the applicable timelines.

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Are you looking for an option to send and receive money within the United States? In the digital era, it is essential to have access to an immediate, secure, and free transfer service.

Sometimes sending and receiving money can be challenging due to high fees or limited access to the banking system. For this reason, knowing how to register for Zelle and learning about alternative solutions such as Comun will be extremely useful for sending money without complications through the most efficient services.

In this guide, we will explain what Zelle is, how to register, what requirements are necessary to send and receive money, and why Comun works as a complementary solution to expand your options when facing restrictions that could hinder your access to mobile payment services.

What Is Zelle and How Does It Work for Your Daily Payments?

Zelle is a digital P2P (peer-to-peer) payment service available in the United States. It is associated with more than 20,200 traditional and digital banks and credit unions, such as Bank of America, Wells Fargo, Ally Bank, Capital One, and Navy Federal Credit Union. Zelle is well known for its wide coverage and ease of transferring funds between users of this system.

Other advantages of Zelle include:

• Near-Instant Transfers
  Users can receive their money within minutes.
  
  
• Ease of Use
  It is directly linked to bank applications, eliminating the need for an external app.
  
  
• Security
  It is backed directly by banking institutions, so you can be confident that your money will reach its destination.
  
  
• Usage Fees
  You can send and receive money without paying commissions to other Zelle users.
  
  

Please note that Zelle is only available within the United States. If you need to make international transfers, find the best options here.

How Does Zelle Work?‍

Zelle operates through its connection with their affiliated banks’ applications. To send and receive money, you must first verify that your bank is part of this service’s network.

If so, complete your registration directly through your bank’s online platform and begin sending and receiving money to your account using a phone number or email address.

Using Zelle is very practical for daily transactions such as paying rent or purchasing goods and services. It is also a secure way to send money to family and friends.

In addition to Zelle, there are other alternatives for sending and receiving money within the United States. Discover the 6 best mobile apps of 2025.

What Changed in Zelle in January 2025?

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Zelle announced an important change in its application that took effect in April 2025. The change consists of eliminating transfers through its standalone app, as the service can now only be accessed through the online banking platforms of U.S. financial institutions integrated into its network.

If you wish to download the Zelle app, you may still use it to review your payment history.

How to Download Zelle to My Phone: Key Requirements to Register and Use It Without Complications
To have a Zelle account, you only need to meet the following requirements:

• U.S. Mobile Phone Number or Email Address
  To use Zelle, you only need to register a phone number and an email address. Your contacts can use either of these to send you money easily.
• U.S. Bank Account
  Since Zelle operates directly through bank connections, having an account with one of the institutions integrated into its network is mandatory.
  Check the list of banks that offer Zelle on their website and ensure you will be able to use the service in 2025.
  
  
• Banking Application
  Finally, you must download your financial institution’s mobile banking app, as you will access Zelle through it.
  
  

What Can I Do If I Cannot Open an Account in the United States ?

Sometimes, opening an account is not accessible for many individuals, whether due to lack of required documentation or insufficient credit history.

If this is your situation, Comun is a great alternative for sending money to your loved ones safely, quickly, and at low cost.

Comun is a platform that understands the needs of immigrant communities in the United States. Open your account today and experience an accessible alternative for your finances.

4 Simple Steps to Register for Zelle‍

If you are wondering how to open a Zelle account, simply follow these steps:

1. Open Your Bank’s Mobile Application (If It Is a Zelle Partner)
Once you verify that your bank works with Zelle, open the mobile application and register if you have not done so yet.

2. Locate the Transfers and Payments Section
In the main menu, click on the transfers and payments section, then select “Send Money with Zelle.”

3. Register Your U.S. Phone Number or Email Address
To send and receive money with Zelle, it is necessary to register a U.S. phone number and an email address.

4. Link Your Bank Account
Confirm your information and start sending and receiving money with Zelle quickly after completing a test transaction.

With Your Comun Account, Make and Receive Payments Easily and Quickly

Undoubtedly, Zelle is an excellent tool for bank transfers, offering a fast and very simple service to use. Although it is only available to users of participating banks, it has broad coverage.

While Zelle represents a practical solution for many users, it has limitations such as requiring an eligible U.S. bank account.

Comun, on the other hand, is an alternative solution that goes beyond traditional limitations, as it allows you to send international transfers using your official national identification. It is designed for immigrants in the United States and offers simplified financial management. This service provides you with:

• A debit card to make purchases at physical establishments
  
• Access to a mobile app for better financial control
  
• The ability to send remittances to your loved ones for a fee starting at $2.99 per transaction up to the applicable limits
  
• The opportunity to join our community that understands your needs
  

Download the Comun app and enjoy transparent, easy, and personalized finance designed for you.

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Unmatched Ease of Opening an Account

Opening a checking account with Comun is simple and hassle-free, addressing the barriers to financial exclusion typically faced by the immigrant community. Accepting over 100 forms of identification², including social security numbers from Latin American countries, Comun ensures that immigrants have access to essential banking services. The application process is quick, taking less than 5 minutes, and is free of additional or hidden fees, minimum balance requirements or monthly commissions. This inclusiveness is central to Comun's mission of fostering financial stability and growth.

Mobile Deposit Options

ComunComun offers a convenient mobile deposit feature that allows users to deposit cash at more than 88,000 locations in the United States, including major retailers such as Walgreens, Dollar General and Walmart. This extensive network ensures that users can easily find a deposit location near them, making the process of adding money to their accounts simple and hassle-free.

Traditional Banking: Although many traditional banks offer mobile deposit options, they often restrict these to check deposits through a mobile app. Cash deposits typically require a visit to an ATM or bank branch, which can be less convenient and more time-consuming than Comun's extensive cash deposit network.

Utility in Today's World: In today's fast-paced environment, the flexibility to deposit cash in a wide range of accessible locations is invaluable, especially for individuals who may not have easy access to traditional banking services or who work non-traditional hours when banks are closed.

International Remittances

ComunComun excels in facilitating international remittances⁴, allowing users to send money abroad quickly and with lower fees compared to many traditional banks and remittance services. The process is enhanced with real-time notifications, keeping the sender informed from the moment the money is sent until it is received.

Traditional Banking: Traditional banks generally offer international transfer services, but these can be expensive and slow, with transfers sometimes taking several days to complete. In addition, the fees associated with traditional bank remittances can be significantly higher.

Usefulness in Today's World: In a globalized economy, the ability to send money across borders quickly and affordably is crucial. Many families rely on remittances for financial support, and businesses need efficient ways to handle international transactions. Comun's streamlined and cost-effective service effectively meets these modern demands.

Advance Salary Access

Comun: Comun offers the ability to connect wages to the application and receive payment up to two days in advance³. This feature incurs no additional fees, providing significant relief during financial emergencies or when planning ahead.

Traditional Banking: Some traditional banks have begun to offer similar features, but they are often tied to specific types of accounts or require a minimum balance. The accessibility and ease of use of early access to Comun's salary is not always matched in traditional environments.

Usefulness in Today's World: With the rise of gig economy jobs and irregular pay schedules, having early access to wages can provide a buffer against financial instability. This feature is particularly valuable for those living paycheck to paycheck, offering a cushion that can help avoid overdraft fees and late payments.

Unlike traditional banking institutions, Comun's innovative features are designed to meet the needs of today's diverse and mobile population, particularly benefiting the immigrant community in the U.S. By providing services that offer greater convenience, lower costs and greater accessibility, Comun not only addresses common challenges faced by its users, but also empowers them toward greater financial freedom and stability. As we move toward a more interconnected and fast-paced world, the importance of responsive and inclusive financial services continues to grow, something Comun is uniquely positioned to offer.

Robust Security and Customer Support

Security and customer support are paramount at Comun. With FDIC-insured accounts and Visa protection on virtual Visa debit card transactions, Comun customers can manage their funds with confidence. Innovative security features such as biometric logins and instant transaction notifications keep your money safe. In addition, Comun offers 24/7 customer support in English and Spanish, ensuring that help is always available in your preferred language.

Commitment to Zero Fees and Upward Mobility

Comun stands out not only for offering zero fees for account opening, monthly maintenance or minimum balances, but also for its commitment to helping its users move up the financial ladder. Comun acts as a financial partner, supporting financial transactions without the burden of excessive fees. This commitment aligns with the goal of enabling upward mobility for immigrants, who contribute significantly to the U.S. economy.

Customized Features and Benefits

Comun goes beyond traditional financial services by offering features designed to meet the unique needs of the immigrant community. Users can send money abroad with low or no fees, deposit cash at more than 88,000 locations nationwide, including free ATM withdrawals, and connect their accounts to popular payment apps such as Zelle, CashApp and Venmo. Comun's platform also allows customers to receive their paychecks up to two days early through direct deposit, further enhancing their financial flexibility and stability.

Conclusion

Comun is not just a financial services provider, but a platform dedicated to transforming the banking experience for immigrants in the U.S. With its user-focused design, commitment to financial freedom and robust features, Comun is destined to become a vital tool for achieving financial stability and growth for its users. Whether you are looking to manage your daily finances or send money to loved ones abroad quickly and securely, Comun offers a reliable, inclusive and efficient banking solution.

Foundational Moment: Did you know?

Founded by entrepreneurs Mark Selcow and Andres Santos in New York, Comun was built to empower families and enable upward mobility, particularly for the immigrant family. The company has garnered significant investment from prominent firms such as Costanoa Ventures, FJ Labs and South Park Commons, underscoring the tremendous opportunity to serve the financial needs of immigrant families and improve the lives of every individual.

A bank account is a financial account a customer holds at a bank. A bank account lets customers deposit and withdraw money, as well as write checks. That's why it's also called a checking account.

The advantages of having a bank account include:

• Easy access to your money — 24/7 banking access through the bank's website or app
• No need to carry cash
• The ability to earn interest on your deposits
• Building a credit history, which can matter when you want to apply for a loan in the future

How Do You Open a Bank Account?

Opening a bank account is relatively easy. You'll need to provide some personal information, like your name, date of birth, and address. You'll also be asked for ID — usually a Social Security Number (SSN) is enough. More modern banks, like Común, let you replace your SSN with a passport or consular ID. You may also be asked for documentation proving your address.

The Different Types of Bank Accounts Available

There are different bank accounts to choose from. The most common type is the checking account, which lets you deposit and withdraw money and write checks. A checking account is a great option if you want easy access to your money without carrying cash, since your account's debit card lets you pay at any business.

Another common type of bank account is the savings account. Savings accounts let you save money and earn interest on your deposits. It's a great option if you want to build up your savings over time.

There are also several specialized bank accounts, like accounts for students, seniors, and businesses. Be sure to research the different bank accounts available and choose the one that best fits your needs.

How to Manage a Checking Account Online

Many bank customers choose to manage their bank account online. You can do this through the bank's website or app. Managing your bank account online lets you access it 24 hours a day, 7 days a week.

Some things you can do online include:

• View your account balance and transaction history
• Transfer money between savings and checking accounts
• Pay bills
• Pay your credit card
• Deposit checks
• Set up banking alerts for specific events, like a low balance or a large deposit

What Does It Cost to Open a Bank Account in the United States?

Some accounts, like the one Común offers, come with no monthly fee and no minimum balance requirement. However, many banks do charge fees. These include some of the most popular banks in the United States: Bank of America, JPMorgan Chase, Citigroup, and Wells Fargo. Here are some of the fees they charge:

• Monthly service fee
• Minimum balance requirement
• Overdraft fee
• Check-cashing fee

Certain banks also limit Spanish-language support in their digital interfaces or customer service centers. Be sure to research the fees charged and the language support offered before opening an account with any bank.

FDIC Backing

The Federal Deposit Insurance Corporation (FDIC) is a government agency that insures consumer deposits at banks in its network. It's important to choose a bank with this backing, since you'll have up to $250,000 of your funds insured by the U.S. government if your bank fails.

The Benefits of Común

At Común, you'll find a checking account with no monthly fee and no minimum balance, in Spanish (from the mobile app to customer support), with the flexibility to apply using your passport, no matter your nationality. Opening an account is very easy, and you'll have 24/7 access, along with the ability to pay bills or deposit checks. Común is FDIC-insured, so your funds are protected up to $250,000 USD.

As with any financial service, be sure to research the different options available and choose the one that best fits your needs.

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A prepaid card is loaded with money in advance and generally is not linked to a traditional checking account. A debit card is linked to a checking account, and money is taken directly from the available balance in that account. A debit card is generally connected to additional banking features, such as account statements, direct deposit, and other account services.

The main difference is their connection to a bank account, as a debit card draws funds directly from a checking account, while a prepaid card requires you to load money onto it in advance. Neither prepaid cards nor debit cards typically help you build a credit score because they generally are not reported to the major credit bureaus.

What is a prepaid card?

A prepaid card is a payment card that must be loaded with funds before it can be used. Spending is limited to the amount loaded onto the card. They are commonly available through retail stores and financial service providers.

Prepaid cards are commonly used for everyday purchases, online payments, and sending or receiving limited funds. Prepaid cards can be reloadable, meaning you can add money again after spending the balance. Some also allow direct deposit, but the features available depend on the provider.

Because prepaid cards are generally not linked to a traditional checking account, they may not include features such as full account statements, overdraft services, or other banking features. Available services vary by provider.

What is a debit card?

A debit card is linked to a checking account. When a purchase is made, the money is taken directly from the account balance.

Debit cards are commonly used for daily spending, online purchases, ATM withdrawals, and bill payments. They are also commonly used for receiving income through direct deposit from employers or other payment sources.

Because the card is connected to an account, all transactions are recorded in account statements. These statements can be used to track spending, income deposits, and account activity over time.

A debit card generally reflects your available account balance as transactions are processed.

Prepaid card vs. debit card: main differences

Prepaid cards and debit cards can look similar in everyday use, but they operate in different ways behind the scenes. The comparison below breaks down how each one works across key features such as account access, fees, deposits, and financial tools. Común’s debit card is included to be used as an example of a debit card.

This comparison shows how prepaid cards and debit cards differ in structure, cost, and financial features, especially when it comes to account access and long-term use. A debit card linked to a checking account can offer more functionality, including direct deposit and account statements. Eligible customers can open a Común checking account using a Passport or certain Latin American IDs.

What are the disadvantages of prepaid cards?

Prepaid cards can be useful for basic spending, but they can have limitations depending on how they are used.

One common limitation is cost structure. Many prepaid cards may charge fees for adding money, withdrawing cash, or maintaining the card. The types and amounts of fees vary by provider.

Some prepaid cards also have limits on deposits, withdrawals, or transfers.

Another limitation is access to financial features. Prepaid cards usually do not include all of the features available with a traditional checking account, such as detailed account statements, bill payment tools, or other banking services.

Can immigrants get a debit card without a Social Security Number?

Some financial institutions and service providers allow individuals to open accounts using alternative identification instead of a Social Security Number. Accepted identification varies by institution and may include a passport or other forms of government issued identification.

Verification is still required to confirm identity under U.S. financial rules, but the documents accepted can vary by provider.

Once the account is approved, a debit card is issued and linked to the checking account. It can then be used for purchases, withdrawals, and direct deposits.

In the United States, some financial service providers accept different forms of identifications for their verification process. For example, Común accepts passports and more than 100 Latin American IDs to open an account.

When does it make sense to use a prepaid card?

A prepaid card can be useful for basic spending, short-term use, or situations where a traditional checking account is not available.

It can also be used as a budgeting tool since spending is limited to the loaded balance.

Some people use prepaid cards as a first step in the U.S. financial system before moving toward debit accounts with more features.

How to switch from a prepaid card to a debit card

Switching from a prepaid card to a debit card usually involves opening a checking account and moving recurring payments or deposits to the new account.

Once the account is open, money can be added through direct deposit, transfers, or other supported methods depending on the provider.

Some users keep their prepaid card active during the transition period while updating payment information across services.

If you’re considering switching from a prepaid card, Común offers a checking account with a debit card that eligible customers can open using a passport or accepted Latin American IDs. The account doesn’t have any minimum balance requirements or monthly maintenance fees.

FAQ

Is a prepaid card the same as a debit card?

No, a prepaid card is loaded with money in advance and is not connected to a checking account. A debit card is linked to a checking account and uses the available balance in that account.

Can I use a prepaid card to build credit?

Prepaid cards generally do not build credit because purchases are not typically reported to the major credit bureaus.

What are the fees on a typical prepaid card?

Fees can include monthly maintenance charges, reload fees, and ATM withdrawal fees. The exact cost depends on the provider.

Can I get a debit card without a Social Security Number?

Some services allow account opening using alternative identification such as a passport or national IDs, depending on verification requirements.

What do I need to open a debit card account as an immigrant?

Requirements typically include a valid form of identification, personal information, and verification steps required by the financial provider.

Común is a financial technology company and not a bank. Banking services are provided by Community Federal Savings Bank, Member FDIC. The Común Visa® Debit Card is issued by Community Federal Savings Bank, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa Cards are accepted.

No minimum balance requirements or monthly maintenance fees. ATM or transfer fees may apply. See app for fee details.

Direct deposit funds are typically available when we receive the payment file, up to two days before the scheduled payment date. This early availability is not guaranteed.

Funds in your account are FDIC insured up to applicable limits by ownership category through Community Federal Savings Bank (CFSB), Member FDIC, in the event CFSB fails.

Identity theft happens when a person uses someone else’s personal information, such as a Social Security number (SSN), Individual Taxpayer Identification Number (ITIN), or financial account information, to commit fraud. Scammers often target immigrants through fake government agencies, employment offers, and immigration-related schemes designed to collect personal information. If identity theft happens, it is important to report it quickly through IdentityTheft.gov and to follow the recommended steps that may help reduce the damage.

Identity theft can happen to anyone, regardless of their immigration status. Knowing how to recognize the warning signs, respond quickly, and protect sensitive information can make recovering from identity theft easier.

This article is for informational purposes only. If you are a victim of identity theft, visit IdentityTheft.gov for official guidance.

What is identity theft and why are immigrants frequent targets?

Identity theft occurs when another person uses someone else's personal information without permission to open financial accounts, apply for credit, file tax returns, obtain employment, or commit other forms of fraud. In many cases, victims may not discover the problem until they receive unexpected bills, notice unfamiliar activity on their financial accounts, or are denied credit they never requested.

Immigrants are frequently targeted by scams designed to collect personal information. People who have recently arrived in the United States may also be less familiar with credit reports, fraud alerts, credit freezes, or official government procedures. Fraudsters may pretend to represent government agencies, immigration services, employers, financial institutions, or utility companies. These scams often pressure people into sharing an SSN, ITIN, passport information, debit card numbers, or online account credentials.

Sharing personal information does not automatically lead to identity theft, but it can give criminals the information they need to misuse someone's identity. That is why it is important to verify who is requesting personal information before providing it and to avoid responding to unsolicited phone calls, emails, text messages, or social media messages asking for sensitive information.

Identity theft is different from a financial scam. A scam may involve convincing someone to send money voluntarily. Identity theft involves using personal information without permission to impersonate another person or commit fraud in their name. In some situations, both can happen at the same time.

What are the warning signs of identity theft?

Identity theft often develops gradually. Small warning signs may appear weeks or even months before a victim realizes someone has been using their information. Therefore, it is important to pay attention to unexpected financial or tax notices.

The following situations are some common warning signs of identity theft.

Not every unfamiliar transaction means identity theft has occurred. Sometimes a merchant name appears differently on an account statement, or a family member may have made a purchase. Even so, unexpected activity should be reviewed as soon as possible so any unauthorized transactions can be reported promptly.

Another important warning sign is receiving verification codes, password reset emails, or notifications about accounts that were never created. These messages can indicate that someone is attempting to access an online account or register an account using your personal information.

Checking credit reports periodically may also help identify unfamiliar accounts before they become a more serious problem. Reviewing financial statements regularly, monitoring account activity, and responding quickly to unexpected notices can reduce the amount of time fraudulent activity goes unnoticed.

Finally, you should trust your instincts when something feels unusual. Receiving repeated phone calls requesting personal information, being pressured to confirm an SSN or ITIN, or being told that immediate payment is required to avoid legal consequences are all situations that deserve additional verification before sharing any sensitive information. These tactics are commonly used by scammers to collect the personal details needed to commit identity theft.

What should you do immediately if your identity is stolen?

If identity theft is suspected, acting quickly can help limit financial losses and make the recovery process easier. The Federal Trade Commission (FTC) recommends creating a recovery plan through IdentityTheft.gov as soon as possible. The site generates personalized steps based on the type of identity theft reported.

If a financial account may have been compromised, contact the financial institution immediately to report the suspicious activity to help secure the account. Changing passwords and enabling two-factor authentication on important accounts can also help prevent additional unauthorized access.

If someone may have opened credit accounts using your personal information, consider placing a fraud alert or credit freeze with the major credit bureaus. These tools can make it more difficult for someone to open new accounts in your name.

How to report identity theft to the FTC

The Federal Trade Commission allows identity theft victims to report the incident through IdentityTheft.gov at no cost. After answering a few questions, the website creates an FTC Identity Theft Report and provides a personalized recovery plan based on the situation.

Depending on the type of fraud, the recovery plan may recommend contacting financial institutions, disputing fraudulent accounts, placing a fraud alert or credit freeze, or reporting tax-related identity theft to the IRS.

Keep copies of any letters, emails, account statements, or case numbers related to the incident. Having well-documented and organized records can make it easier to resolve disputes with creditors or financial institutions.

How to protect your SSN or ITIN from identity theft

Protecting personal information starts with sharing it only when necessary. Before providing an SSN or ITIN, verify who is requesting it, why it is needed, and whether another form of identification can be accepted.

Avoid carrying documents that display an SSN or ITIN unless they are needed for a specific appointment. Store tax documents, identification numbers, and financial records in a secure location, and shred documents containing sensitive information before discarding them.

If you save your SSN or ITIN information digitally, try to use strong, unique passwords for your online accounts and enable two-factor authentication whenever it is available. Keeping devices updated with the latest security software may also reduce the risk of unauthorized access.

How to monitor your accounts for suspicious activity

Regular account monitoring is one of the most effective ways to detect identity theft early. Reviewing account activity, checking credit reports, and paying attention to unexpected notifications can help identify suspicious activity before it becomes a larger problem.

Transaction alerts can also make monitoring easier. Común's checking account includes instant transaction notifications, helping account holders to quickly identify purchases or transfers they do not recognize. The account also supports two-factor authentication.

If an unfamiliar transaction appears, it is important for you to review it as soon as possible and contact the financial institution if the activity cannot be verified. Responding promptly may reduce the impact of unauthorized transactions and help secure the account more quickly.

With Común, eligible customers can enable instant transaction alerts and two-factor authentication directly in the app. Monitoring your account activity regularly can help you spot unfamiliar transactions and respond quickly if something doesn't look right.

Eligible customers may be able to open a Común account using a valid passport, matrícula consular or more than 100 valid Latin American IDs. The account has no minimum balance requirements or monthly maintenance fees.

FAQ

How do I know if someone stole my identity?

Identity theft often becomes noticeable through unfamiliar charges, debt collection calls, accounts you never opened, or unexpected IRS notices. Checking your financial accounts and credit reports regularly can help you identify suspicious activity sooner.

What should I do first if my identity is stolen?

Start by reporting the incident at IdentityTheft.gov. The website creates an FTC Identity Theft Report and provides a personalized recovery plan. If financial accounts are affected, contact the companies involved as soon as possible.

Can someone steal my identity using my ITIN?

Yes. Although an ITIN cannot be used for every purpose that an SSN can, it may still be misused for tax-related fraud or other identity theft schemes. Protect your ITIN just as carefully as your SSN and only share it when necessary.

Is it free to report identity theft to the FTC?

Yes. Identity theft can be reported at IdentityTheft.gov at no cost. After submitting a report, the FTC provides recovery guidance and documentation that may help resolve fraudulent accounts and credit report issues.

How long does it take to fix identity theft damage?

Recovery time depends on the type of fraud and how quickly it is reported. Some issues can be resolved within weeks, while others, such as correcting credit reports or tax-related identity theft, may take longer. Acting promptly can help reduce delays.

Should I freeze my credit if my identity is stolen?

A credit freeze is one option the FTC recommends because it makes it more difficult for someone to open new credit accounts in your name. It is free to place and remove, and it does not affect existing financial accounts.

Común is a financial technology company and not a bank. Banking services are provided by Community Federal Savings Bank, Member FDIC. The Común Visa® Debit Card is issued by Community Federal Savings Bank, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa Cards are accepted.

No minimum balance requirements or monthly maintenance fees. ATM or transfer fees may apply. See app for fee details.

Direct deposit funds are typically available when we receive the payment file, up to two days before the scheduled payment date. This early availability is not guaranteed.

Funds in your account are FDIC insured up to applicable limits by ownership category through Community Federal Savings Bank (CFSB), Member FDIC, in the event CFSB fails.

Saving on groceries without sacrificing quality is possible with simple strategies: comparing unit prices, taking advantage of seasonal deals, and using a fee-free account so you don't lose money to bank charges while you shop.

How do I save money on groceries without buying lower-quality products?

Compare the price per unit (not just the total price), buy seasonal produce, and take advantage of weekly deals instead of always buying the same items out of habit.

Do bank fees affect my grocery budget?

Yes — a monthly fee or out-of-network card charges reduce the money available for your shopping. With Común there's no monthly fee or charges for using your debit card.

What other habits help save on weekly shopping?

Make a list before you go, avoid shopping while hungry, and check your transactions after each shopping trip to catch duplicate charges or errors.

Frequently asked questions

How do I compare prices more effectively at the grocery store?

Look at the unit price (per ounce, per pound) printed on the shelf tag, not just the package's total price — sometimes the "bigger" package costs more per unit.

Is it worth buying in bulk?

Only if you'll use the product before it expires; otherwise the savings are lost to wasted food.

How do I avoid overspending on groceries?

Make a list before you leave and avoid shopping while hungry, since it increases impulse purchases.

Does Común charge anything for using my debit card in stores?

No, there are no charges for using your Común debit card on purchases.

How do I know if I was overcharged on a purchase?

Check your activity in the app after each purchase — real-time notifications help you catch errors quickly.

Does saving on groceries really make a big difference?

Yes — small weekly savings add up over time; cutting $20-30 a week can add up to over $1,000 a year.