The document summarizes a Twitter discussion about financial inclusion and options for the underbanked population. It notes that 20% of U.S. households are underbanked, meaning they have limited access to mainstream financial services. Common reasons for being underbanked include bank fees, lack of stable income, lack of trust in banks, and lack of financial knowledge. The discussion offers suggestions on financial services available to the underbanked, like prepaid cards and check cashing, and ways the banking industry and organizations are trying to help the underbanked through financial education programs and accessible products.

1. #CreditChat
Wednesdays | 3 p.m. ET
Financial Inclusion: Ways to Help the Underbanked
Featuring: @OperationHOPE

2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week,
we discussed options for the underbanked.
“ Check Out All the Tweets and Resources:
ex.pn/underbanked

3. A 2013 study by the FDIC revealed that 20% of U.S.
households are underbanked.
This equates to 24.8 million households that are using
alternative financial services outside of the banking system.
#CreditChat
Source: Federal Deposit Insurance Corporation
(FDIC)

4. Wednesdays | 3 p.m. ET
#CreditChat
What does it mean to be underbanked?

5. “Underbanked” means to have limited or no access to
mainstream financial services.
#CreditChat
Source: Operation HOPE

6. Underbanked people have poor or limited access to the
major financial services normally offered by banks. This can
Tweet by @LeslieHTayneEsq
include things like checking, savings accounts, loans, ATM access, etc.
#CreditChat

7. Wednesdays | 3 p.m. ET
#CreditChat
What are some reasons a person would avoid
having a bank account?

8. Many bank accounts require a minimum balance, or charge
maintenance fees and hefty overdraft fees. Those without
stable income certainly still have bills, so there are times
when they have to make the decisions to pay the overdraft
fee or miss the bill payment.
#CreditChat
Source: Operation HOPE

9. Individuals and communities can be underbanked. The need
for financial services still exists, so they go to expensive alternatives.
Tweet by @FacingFinances
#CreditChat

10. Some people don’t trust banks, especially if their parents or
other family members avoided them, too.
Tweet by @emergebenefit
#CreditChat

11. People opt to not keep their money at a bank for fear
of malpractice and fees.
Tweet by @Finovera
#CreditChat

12. Typically, the unbanked and underbanked tend to be
poor and working class people who choose to stay
away because they either don’t have the financial
resources to maintain a bank account, or lack of
knowledge of how the banking system works.
#CreditChat
Source: Bankrate

13. Wednesdays | 3 p.m. ET
#CreditChat
What financial services do the underbanked use?

14. The underbanked may use payday loans, tax refund-advance and
structured settlement-advance loans. Typically high rates and fees.
Tweet by @Payoff
#CreditChat

15. Prepaid cards and check cashing services (stores and retail
environments) are two. They also sign checks over for others to cash.
Tweet by @dahnamchandler
#CreditChat

16. Unfortunately, these services tend to take advantage of the
underbanked - Capitalizing on their lack of financial knowledge.
Tweet by @LeslieHTayneEsq
#CreditChat

17. Wednesdays | 3 p.m. ET
#CreditChat
How does financial illiteracy affect the
underbanked population?

18. Financial illiteracy can keep the underbanked population from
learning what they can do to improve their situation.
Tweet by @emergebenefit
#CreditChat

19. Financial literacy helps people become more aware of the overall financial
impact one decision may have. When you know better, you do better.
Tweet by @FacingFinances
#CreditChat

20. Wednesdays | 3 p.m. ET
#CreditChat
What changes are taking place in the banking industry to
appeal to the underbanked?

21. A lot of banks are sponsoring financial education programs
to reach the underbanked.
Tweet by @WealthWithMina
#CreditChat

22. Financial literacy programs. They are using organizations like
Operation HOPE to reach those unbanked in various communities.
Tweet by @dahnamchandler
#CreditChat

23. More and more banks are offering bilingual services and
customer service for non-English speakers.
Tweet by @Finovera
#CreditChat

24. Wednesdays | 3 p.m. ET
#CreditChat
What are some options available to those who
were/are unemployed or have poor credit?

25. Secured credit cards are a great way to help someone build
credit so they can eventually move on up to a better card/loan.
Tweet by @LeslieHTayneEsq
#CreditChat

26. Cash still works great. Prepaid cards are good. If unemployed,
start your own side hustle and make things happen.
Tweet by @DebbiKing
#CreditChat

27. Go to a local credit union and let them know you are trying
to rebuild your financial situation.
Tweet by @FacingFinances
#CreditChat

28. Wednesdays | 3 p.m. ET
#CreditChat
What final tips can you share to help the underbanked?

29. You can have it. Don’t give up! Think outside the box and
research. There are great options out there.
Tweet by @DebbiKing
#CreditChat

30. Seek out resources for financial education - they exist to
empower you and help you gain control of your financial picture!
Tweet by @LeslieHTayneEsq
#CreditChat

31. #CreditChat
Wednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/underbanked

32. #CreditChat
Wednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
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