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Who are the unbanked?
"There are two distinct subpopulations that are often mistakenly blended together and labeled “unbanked.” The actual unbanked are those who have rarely or never held a transaction account, including checking, savings or check cashing, at any depository institution. These individuals either have no credit bureau files or, in some instances, have a thin file opened by a single inquiry. In contrast, the underserved have or have had a depository account with a financial institution, but tend to rely more on non-bank financial services for transaction accounts, check cashing or high cost credit products."
For more on Serving the Unbanked and Undeserved, fill out the form to access the full white paper.