Approximately 63 million Americans are either unbanked or underbanked, according to a report by the Federal Reserve. That means they don’t use banks to make financial transactions like cashing checks, saving money or applying for credit.
That’s because some are discouraged from opening accounts due to high fees. Others don’t trust financial institutions. But being outside of the banking system can leave people vulnerable, especially during a pandemic where many retailers and businesses are relying on cashless transactions.
How do the unbanked or underbanked financially navigate living in the U.S.? And what does an increasingly cashless future look like for them?
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