To be "unbanked" means to be an individual or household that does not have any access to or use of traditional banking services such as checking or savings accounts at banks or credit unions. Unbanked people typically conduct their financial transactions in cash or use alternative financial services like check-cashing centers, money orders, or prepaid debit cards instead of formal banking. This status can be due to various barriers including lack of money, distrust of financial institutions, lack of identification, or limited access to banks. Being unbanked limits economic opportunities and financial security since many everyday services and benefits require a bank account. The unbanked often face challenges accessing credit, insurance, and other financial tools needed for economic growth and stability. Efforts to reduce the unbanked population include expanding financial inclusion through technology like mobile banking and policy initiatives aimed at making banking more accessible and affordable.