Definition of unbanked
: not deposited in a bank
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Origin and Etymology of unbanked
1un- + banked, past participle of bank (to deposit in a bank)
Financial Definition of UNBANKED
What It Is
A person is unbanked when he or she does not participate in the banking system and relies on the use of cash rather than checks or credit cards.
How It Works
Let's assume John Doe is poor and does not trust banks. He cannot afford the monthly fees of a checking account, so he uses cash and cashiers' checks from a convenience store to pay his bills. John Doe could operate more efficiently with a checking account, a savings account, and maybe a debit or credit card, but he chooses not to have those things. He is unbanked.
Seen and Heard
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