underbanked

1 of 2

adjective

un·der·banked ˌən-dər-ˈbaŋ(k)t

: not using or having access to a full range of banking options

[The survey] also measures how many households are underbanked, meaning they have a bank account but look outside the banking system to meet transaction or credit needs.—

FDIC

Workers who live from paycheck to paycheck can easily slide from the traditional banking world to the underbanked world and then to the unbanked.—

Mikki Kendall

underbanked

2 of 2

noun

: a person or group of people who do not utilize or have access to a full range of banking options

As online transactions become ubiquitous, life has become more challenging for those who rely on cash: the unbanked, those who don't or can't access banking and financial services, and the underbanked, those who don't make full use of such services.—

Jackie Benton

Now he [Michael Broughton, CEO of Altro] wants to empower the underbanked, and eventually folks without any bank account at all, to have more financial power.—

Sara Bloomberg

Examples of underbanked in a Sentence

Recent Examples on the Web

Adjective

The Biggest Southeast Asian Market In a population of more than 275 million, Indonesia is estimated to have well over 100 million people who are unbanked or underbanked. —

Zennon Kapron, Forbes, 29 Mar. 2024 Hill leads the financial services vertical, which targets the unbanked and underbanked populations across the globe. —

Luisa Beltran, Fortune, 18 Mar. 2024 Put another way, in 2021, 9.3 percent of white households were underbanked, compared with 24.7 percent of Black households. —

Lenwood V. Long, Sr., Forbes, 29 Feb. 2024 Research from the Department of Health and Human Services has shown that unbanked and underbanked households suffer many ongoing, damaging, and far-reaching effects. —

Tom Davidson, Fortune, 27 Feb. 2024 DeFi offers a beacon of hope in such scenarios, providing financial services to the unbanked and underbanked, thereby fostering financial freedom, while also opening new business avenues for providers. —

Anthony Georgiades, Forbes, 12 Feb. 2024 Roberts said that, in responding to community feedback, the bank also wanted to establish a greater presence among traditionally underbanked Black and Latino populations. —

María Soledad Davila Calero, Fortune, 6 Feb. 2024 Operating as the sole bank within a 10-mile radius, Washington’s People Trust fosters economic opportunities for underserved and underbanked residents, providing a model that could reshape the future of banking. —

Scott Feinberg, The Hollywood Reporter, 30 Nov. 2023 Globally, many underbanked populations do not have access to basic financial services like a loan or checking account. —

Gary Drenik, Forbes, 29 Nov. 2023

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'underbanked.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.