Unbanked

Filed Under »
Dictionary Says

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 Says

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.

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Federal Savings and Loan

    A federally ...
  2. Bank

    A financial ...
  3. Credit Union

    Member-owned ...
  4. Retail Banking

    Typical ...
  5. Financial Cooperative

    A financial ...
  6. Float

    1. The total ...
  7. Two Name Paper

    A nickname ...
  8. Non-Recourse Debt

    A type of loan ...
  9. Schedule I Bank

    A Canadian ...
  10. Irrevocable Letter Of Credit - ILOC

    Correspondence ...

Articles Of Interest

  1. Choose To Beat The Bank

    From internet banking to credit unions, it's in your power to cut fees and maximize service.
  2. Your First Checking Account

    This owner's manual will show you what to expect from your bank.
  3. The Ins And Outs Of Bank Fees

    These service charges could nickel and dime you right out of your nest egg.
  4. Cut Your Bank Fees

    Find out how to get the bank to pay you for using their services, not the other way around.
  5. Banking: Managing Your Checking Account

    This tutorial will tell you everything you need to know about how checking and savings accounts work.
  6. Banking: How To Choose A Bank

    This tutorial will tell you everything you need to know about how checking and savings accounts work.
  7. Clearing Up Tax Confusion For College Savings Accounts

    Put your kids through school without being hounded by the tax man.
  8. How To Invest On A Shoestring Budget

    Money is tight when you're young, but don't let that stop you from pursuing future riches.
  9. Debit Card Fraud: Is Your Money At Risk?

    As criminals are becoming more savvy, your money is becoming more vulnerable.
  10. The Evolution Of Banking

    Banks are a part of ancient history. Find out how this system of money management developed into what we know today.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center