underbanked
adjEtymology From under- + banked.
1
Having inadequate access to financial services or formal banking facilities.
- In some contexts, the fact that the unbanked or underbanked individuals use fringe banking services is a matter of some considerable concern since they tend to be associated with exorbitant costs and unfair conditions.2007, Luisa Anderloni, Maria Debora Braga, Emanuele Maria Carluccio, New Frontiers in Banking Services, page 15:
- According to a 2004 report by the Federal Deposit Insurance Corporation, the “rapid growth of the underbanked Hispanic market suggests a new growth opportunity for many institutions.”2008 March 8, Liz Galst, “Banks Springing Up to Serve the Underserved”, in New York Times:
- Related terms
- debank