Unbanked
 |
Definition of 'Unbanked'A slang term for people who do not use banks or banking institutions in any capacity. Unbanked persons generally pay for things in cash or else purchase money orders. Unbanked persons also typically do not have insurance, pensions or any other type of professional money-related services. |
 |
Investopedia explains 'Unbanked'People can choose to be unbanked for many reasons. Criminals avoid using financial institutions because law enforcement officials can track their actions in their accounts. Older people who survived the Great Depression may have a deep distrust of all financial institutions and therefore do not use them. Extremely poor individuals may also have no need for the banking system as they try to survive their day-to-day lives. |
Related Definitions
Articles Of Interest
-
The Ins And Outs Of Bank Fees
These service charges could nickel and dime you right out of your nest egg. -
Your First Checking Account
This owner's manual will show you what to expect from your bank. -
Choose To Beat The Bank
From internet banking to credit unions, it's in your power to cut fees and maximize service. -
Cut Your Bank Fees
Find out how to get the bank to pay you for using their services, not the other way around. -
Retail Banking Vs. Corporate Banking
Retail banking refers to the division of a bank that deals directly with retail customers. Also known as consumer banking or personal banking, retail banking is the visible face of banking to ... -
If I want to have some cash in a liquid account for unexpected emergencies, what is best? A savings account or another type?
It's always a good idea to keep some money set aside in a liquid form, but it's a double-edged sword, because the more liquid your money, the less it's earning. If you never have an emergency, ... -
3 Banking Moves You Should Make Before Traveling
Putting your finances in order should be one of your top priorities before traveling out of the country. -
Clearing Up Tax Confusion For College Savings Accounts
Put your kids through school without being hounded by the tax man. -
Besides a savings account, where is the safest place to keep my money?
Savings accounts are safe because investors' deposits are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for ... -
Changes To Your Checking Account
Checking accounts have evolved a lot over the years. Here are the five biggest changes that can affect your wallet.
Free Annual Reports