Unbanked and Underbanked

Unbanked (people without a banking relationship) and the Underbanked (people without a bank or bank branch convenient to their community).

Unlocking Opportunity for Un/Underbanked

Econofi ™ has products to address the needs of millions of adults in the U.S. that are dependent upon very expensive Alternative Financial Services (spending $127B annually on usury fees and interest; and another $18B annually on check cashing and bill pay).  Econofi ™ elevates the unbanked and underbanked to first-class financial citizens. How? Our software uses modern Artificial Intelligence (AI) technology to limit identity fraud and check fraud. Now, Community Banks can attract this unserved demographic as new customers and provide them with modern financial services (detailed below). 


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 and payroll checks.
  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.



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 payment, and Zelle payments.
  • Tools to manage savings goals.
  • Track credit score. 
  • Financial literacy education
  • Strong partnerships with community based organization in your area
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?