From Left Out to Lifted Up: Break Free from High-Cost Financial Services

Econofi Opens the Doors to Affordable, Community-Centered Banking
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The Problem: Banking is Broken

Imagine working hard all week, only to lose a significant chunk of your paycheck to access your money. That’s the reality for 46 million unbanked and underbanked adults in the U.S. These individuals rely on check cashing stores, where the higher the check, the higher the fees. This costs them $11 billion in check cashing and bill payments, with another $127 billion spent in usury fees and interest. Traditional banks aren’t reaching these communities, forcing them into a cycle of predatory fees and financial instability.

Our Solution: Fraud Prevention Services

At Econofi, we’re flipping the script on financial exclusion. Our AI-driven technology de-risks a Community Bank's exposure to identity and checks fraud. Econofi™ creates a bridge between community banks and a largely untapped market in underserved communities, allowing them to offer modern essential financial solutions that meet real needs. The unbanked and underbanked are empowered with secure, affordable financial services, breaking the cycle of predatory fees, giving them economic freedom, and elevating them into first-class financial citizens.

Unbanked.

How Econofi works for the Unbanked:

  1. Simple Mobile Signup: Get started quickly through the Econofi app.
  2. AI-Powered ID Verification: Secure teller access to any Community Bank in the Econofi network through advanced AI verification.
  3. Check Cashing Made Easy: Cash government-issued checks with ease (payroll check cashin coming soon).

  4. Real-Time Offers: Receive personalized bank product offers based on your real-time transaction activity.

  5. Low Fees: Pay only nominal fees for check cashing and money orders for bill payments.
 

Underbanked.

Comprehensive Banking Tools for the Underbanked: 

  1. All-in-One Mobile App: Manage all accounts—checking, savings, credit, debit, secured cards—plus bill payments and Zelle transactions in one place.
  2. Savings Management: Set and track your savings goals effortlessly.
  3. Credit Score Tracking: Stay on top of your credit score with real-time monitoring tools.

  4. Financial Education: Access the Financial Learning Center resources to boost your financial literacy.

  5. Local Partnerships: Connect with community organizations to enhance financial opportunities.
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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?