What are some of the reasons that people are unbanked?

People may be unbanked for several reasons:

1. Minimum Balance Requirements: Many banks require customers to maintain a minimum balance to avoid fees, which can be challenging for low-income individuals.

2. Fee Concerns: Banks often charge various fees for account maintenance, overdrafts, or ATM use, making it less appealing for those who are cost-conscious.

3. Trust Issues: Some people may not trust banks due to past negative experiences, concerns about privacy, or a lack of understanding of banking systems.

These factors can lead individuals to seek alternative financial services, such as check-cashing services or payday loans, instead of traditional banking options.