Learn: Getting Banked
Why does being unbanked matter?
If you utilize check cashing services or high fee loans to pay your bills, you are not alone. A recent Federal Reserve study highlighted the number of American households who are underbanked or do not use a bank at all.
Fully Banked = uses safe, affordable and insured financial products
Underbanked = some access to safe and affordable financial products; supplemented with check cashing services and/or predatory loans
Unbanked = no access to safe and affordable banking products; pays fees to receive and spend own money