Definitions

from Wiktionary, Creative Commons Attribution/Share-Alike License

  • adj. Having inadequate access to banking facilities.

Etymologies

from Wiktionary, Creative Commons Attribution/Share-Alike License

under- +‎ banked

Examples

  • "underbanked" -- which the FDIC defines as a household that has a checking account or a savings account but relies on alternative financial services.

    AlterNet.org Main RSS Feed

  • The States that have been identified as underbanked by the RBI are the seven North-Eastern States, Bihar, Jharkhand, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Orissa, Rajasthan, West Bengal, and the Union Territory of Dadra and Nagar Haveli.

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  • It targets "underbanked" consumers — people who don't have traditional bank accounts.

    NetSpend IPO Beats a China One

  • NetSpend is a major player in prepaid debit cards, an industry that caters to what is known as "underbanked" consumers — people who don't have traditional bank accounts.

    An IPO Closer to Home

  • About 17 million adults do not have access to a bank account and an additional 43 million are "underbanked," meaning they rely on alternative financial services such as payday loans at least once a year, according to a survey last year by the Federal Deposit Insurance Corp.

    Russell Simmons wins swipe fee deal for his prepaid card

  • Along with the unbanked, 21 million more Americans are considered "underbanked" people who have checking accounts but often turn to higher-cost services, such as payday loans and car-title loans, with annualized interest rates frequently exceeding 300%.

    Plan Promotes Bank Accounts For Consumers

  • Another 21 million households are underbanked, meaning that they have a bank account, but these accounts do not fully meet their needs, and they still rely on high-cost check cashing services or other costly financial service providers.

    Banking On "Bank On USA"

  • At the level of providing banking services to the 'underbanked', the Mzansi account campaign has been a success, but increased investments and participation in our economy by foreign banks could well undermine the gains made through the transformative initiatives in place.

    CONTENTS:

  • Americans are more likely to be unbanked or underbanked, meaning they avoid traditional banking services in favor of alternatives such as check cashing and payday loans.

    The Seattle Times

  • District Mayor Adrian Fenty today announced the formal launch of "Bank on D.C.," a public-private partnership aimed at giving the city's "underbanked" populations easy access to a checking account and financial literacy.

    Washington, D.C. Business News - Local Washington, D.C. News | The Washington Business Journal

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