A majority of immigrants from Mexico in New York City do not have bank accounts, a recent study from the city's Department of Consumer Affairs shows.

"In our sample, by far Mexicans were the least banked (only 43 percent had bank accounts) compared to Ecuadorians (65 percent) and Chinese (95 percent)," the study brief noted.

It stated that the average number of years in the country for Mexican immigrants was 10.4 years, and that 82 percent of the Mexican immigrants in the survey were undocumented. Ecuadorian immigrants averaged 11.5 years in the country and 62 percent were undocumented.

Highly cited as reasons for not having a bank account in the study were the perceptions of how much it cost to start an account, a perceived lack of necessary legal documents and the lack of Spanish-speaking banking staff.

However, the report noted that saving was a high priority among all its surveyed groups.

"Despite reported barriers, respondents from the three immigrant groups studied are taking important steps toward financial security: well over half of respondents reported engaging in savings at all income levels," the report said. "Indeed, among all three communities, even the lowest earners reported having some savings, and the percent of respondents who had savings increased as income rose."

But often these savings come in the form of "cash under the mattress" accounts, a practice that exposes immigrants to loss. And the problem is certainly not limited to New York.

"Many immigrants come from countries in which banks are not trusted, and choose not to involve themselves, even at the most basic level, with the U.S. banking system," notes Anne Maries Weiss Armush in the DFW International Community Alliance's "Guide to Managing Your Money," an informational bulletin distributed to immigrants in the Dallas, Texas area.

"Whether they are suspicious of the banking system or lack knowledge about the range of available bank services and their eligibility for such services, many keep large amounts of cash at home rather than saving it in an accounted insured by the FDIC. They rely on check cashing, money transfer, or pay-day loan operations that charge higher fees and interest rates than do banks. They don't know how to repair their credit or to develop a credit history that might enable them to secure a loan to start a business or to purchase a home."