What are some of the major downsides of being unbanked?
High fees for everyday financial services, no online purchases, some things are card only or only auto pay.
What are some of the major downsides of being unbanked?
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What are some of the major downsides of being unbanked?
High fees for everyday financial services, no online purchases, some things are card only or only auto pay.
Some major downsides of being unbanked include:
1. High Fees for Financial Services: Individuals may rely on check-cashing services, payday lenders, or money orders, which often come with high fees compared to traditional banking services.
2. Limited Access to Online Purchases: Without a bank account, it can be difficult to make online purchases, which often require a debit or credit card.
3. Inconvenience with Bill Payments: Many services now operate on a card-only or auto-pay basis, making it hard for unbanked individuals to pay for utilities, rent, or subscriptions without significant hassle.
These challenges can lead to a reliance on more expensive financial alternatives and restrict access to certain goods and services, ultimately limiting financial stability and opportunities.