PNC and Best Foot Forward provide bank accounts for the unbanked and underbanked

PNC also partnered with us at our Cultivating Community event to serve the Unbanked and Underbanked. We are grateful for PNC partnering with us in this effort!

The term unbanked is used to describe people that do not use traditional banking services of any kind. They the problem is also lack pensions, insurance, saving accounts and other advanced financial products. However, they might use alternative financial services such as prepaid cards and payday loans if such are presented to them.

Underbanked adults and households usually have a basic bank account but depend heavily on alternative financial services. Some of the reasons for underbanked parties avoid traditional banks include inconvenient locations, high fees, personal preferences, and distrust. The unbanked comes with higher expenses than having a traditional bank account.

Another big disadvantage of being unbanked is the lack of credit history. In order to receive a credit from the bank at reasonable rates, credit history is required. Being unbanked prevents such individuals from getting a bank loan, mortgage or car loan.