Definition: The unbanked are people without bank accounts. Typically they don't have accounts because they are not a part of mainstream society. They may be immigrants or people in extreme poverty who cannot open an account (either because they don't have money, or because they don't want to provide the information required to open an account).
Also Known As: Underbanked
Examples:
The unbanked are forced to use payday loan establishments and pay excessive fees.
