Financial Literacy for Everyone
Follow Us
For Broadcasters

Learn how you can play our weekly Practical Money Matters on your station. Learn more

Play NFL

Challenge yourself with Financial Football
Play our fun video game to test your knowledge about money.
Play now

PMM articles

Practical Money Matters
Disputing a credit card charge? Graduating? Leasing a car? Learn important tips from our weekly article series.
Read now

social media

Connect with us!
For daily money tips, quips and pics, follow us on social media.
Like us on Facebook
Follow us on Twitter

Practical Money Matters Radio Series

September 23, 2013
Financial Options for People Without Bank Accounts

download share

What are the risks associated with being unbanked? What are the financial options for those who are unbanked?


Millions of Americans don't use a bank or credit union to conduct routine financial transactions. Instead, they opt for alternatives like money transfer services, check-cashing stores and payday loans.

But fees for these services can quickly add up. Plus, it's risky to be unbanked. For example, carrying or storing excessive cash tempts robbers and is far more easily lost. It's also more difficult to improve your credit score without tapping credit-building products like credit cards and other loans.

Many programs are being formed by partnerships between government, nonprofit and private organizations to provide free or low-cost starter bank accounts and access to financial education.

Bottom line: There's no law against going unbanked - just beware of the financial and safety consequences.

Related Articles

Email to a friend

Your Name:
Your Email:
Recipient's Email:
Enter code:

The information that you provide through this e-mail feature will not be stored by Visa for any other purposes. Please refer to Visa's privacy policy for details.