Posts Related To Underbanked

9 Myths About the Underbanked – Debunked

underbanked consumers What you don’t know about your underbanked customers could be hurting you – and your bottom line. If you’ve overlooked cash-preferring customers because of time constraints, overhead, or other concerns, you’re missing out on $1 trillion in buying power. We’ve made a short list of the most common misconceptions (and facts) about the underbanked to

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10 Things You Didn’t Know About the Underbanked [INFOGRAPHIC]

magnifying-glass Over 50 million U.S. adults do not have a traditional bank account, and, despite representing a whopping $1 trillion in buying power, America’s underbanked consumers are often pushed to the wayside by businesses who erroneously perceive them as an under-employed, under-educated, and under-motivated. The reality is that the majority are born in the U.S., college

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Cash is Still King

hands exchanging cash A new Federal Reserve report dispels the myth that cash is dead. There are between 60 million and 100 million cash-preferring consumers in the U.S. That’s about the population of the nation’s four largest states – California, Texas, New York and Florida– combined. In April, the Federal Reserve released a paper called the “Diary of Consumer Payment Choice”

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Cash: Rumors of its death are greatly exaggerated

hands exchanging cash Lee Ault, CEO of the first check guarantee service, TeleCredit (which subsequently morphed into FiS Global), once described the moment his business exploded in the early 1970’s. In this era before ATMs, and when BankAmericard –-not yet renamed “Visa” -– was approaching critical mass, retailers avoided accepting personal checks because they were considered too risky.

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