Over 100 million individuals in the U.S. are underbanked -- they can
not access or choose not to use traditional bank accounts and financial
services. Instead, they use alternative financial services, such as check
cashing services, prepaid cards, small dollar loans, remittances, and other
nonbank services to meet their everyday financial needs. These alternative
financial services, which may or may not be more costly than those offered by a
traditional bank, are often preferable for consumers who want convenient,
transparent, and easily accessible financial options.