Unbanked and Underbanked

Unbanked (people without a banking relationship) and the Underbanked (people without a bank or bank branch convenient to their community).
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Unlocking Opportunity for Un/Underbanked

Millions of Americans remain reliant on costly alternative financial services, costing $127 billion in usury fees and interest, with another $18 billion spent on check cashing and bill payments. Econofi™ is changing this narrative by empowering the unbanked and underbanked with secure, affordable financial services, turning them into first-class financial citizens with teller access to their local Community Bank.

Our AI-driven technology minimizes the risks of identity and check fraud, providing a seamless, secure banking experience. For community banks, Econofi™ creates a bridge to a largely untapped market, allowing them to offer modern, essential financial solutions that meet real needs and help their communities grow.

Unbanked.

Let’s look closer at how Econofi works for the Unbanked:

  1. Signup is through the Econofi mobile app.
  2. We use AI for ID verification, granting them Teller Access to any Community Bank in the Econofi network.
  3. Where they can cash government-issued checks (payroll coming).
  4. Transactions are checked in real-time to determine eligibility for bank product offers.
  5. There is a nominal fee for check cashing and the purchase of money orders for bill payment.

 

Underbanked.

Mobile / Web access to your banking services; including tools to manage savings goals, build financial literacy, and track credit score. 

  • A full-featured mobile app to access all accounts (Checking, Savings, Credit / Debit / Secured Cards), bill payments, and Zelle payments.
  • Tools to manage savings goals.
  • Track credit score. 
  • Financial literacy education
  • Strong partnerships with community-based organization in your area
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The Benefits of Being Banked

Deposit accounts at federally insured depository institutions are covered by deposit insurance and other consumer protections. Ownership of an account at a federally insured depository institution provides households with a safe place to keep deposits and to save for emergency and long-term needs, and it facilitates households' financial transactions. Having a bank account and a banking relationship can also facilitate households' access to responsible, affordable credit, and such access can help households build their credit history.

~Federal Deposit Insurance Corporation (FDIC) , What is Economic Inclusion?