The Unbankable

The unbankable, a term most do not think about. For others however, it is a term that follows them wherever they go. It can be very difficult to shake the unbankable label.
What does it mean to be unbankable? Some do not know, to others however this is a reality they live every day. Someone is considered unbankable if they cannot get a bank account. There could be many reasons they cannot get a bank account.
One such reason would be that they have a banking history of multiple overdrafts. Many banks hesitate to open an account if someone has this history out of fear that they will do it again, costing the bank money.
Another reason one would be considered unbankable would be if they are new immigrants without proper paper work to establish an account. Banks tend to be very specific on the documentation and paper work they need to open an account. For some new immigrants it can take quite a while to get this documentation and paper work.
In some situations credit unions could be a good option. Do keep in mind though, that not all credit unions are open to the general public. These credit unions also have access to the same banking history that all the other banks have access to. So if you do have prior problems with banks they will know, and sometimes, depending on the issues, they may not be willing to allow you to open an account. If you need a bank account a credit union is still an option that need to be considered, it does not hurt to try.
Being unbankable can be very frustrating to many people. If you are unbankable there are other options as far as getting a check cashed and paying bills. There are many check cashing business around. Pawn shops can even cash checks. Wal-Mart has check cashing services as well. There are many places that can cash checks for a small fee, and for those that are unbankable this is a very relieving option. They know they can cash their check for a small fee, and they do not have to worry about finding a bank that is willing to do it.
One problem the unbanked finds with paying bills, is that not every place accepts cash payments. Even if the bill can be paid with cash, some of the unbanked do not have a vehicle or an easy way to get to the facility to pay the bill. So what can they do? Many places that offer check cashing services also offer non-bank money orders. For a small fee you can get these money orders and mail them in to pay your bills. They work the similar to a check only, instead of having money come out of an account, it is already there. One thing to keep in mind it is unsafe to send cash in the mail. If something were to happen you could be out of all that money.
Being unbankable can be a hassle to some. However, there are a growing number of businesses trying to help the unbankable. If you are unsure of what business or facility to use check some out. Find out what fees they have, and what other services they offer.The more you know, the better off you are.

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