Being unbanked is spread nightmare in the US

Approximately 63 million Americans are either unbanked or underbanked, according to a report by the Federal Reserve. That means they don't use banks to make financial transactions like cashing checks, saving money or applying for credit.

That's because some are discouraged from opening accounts due to high fees. Others don't trust financial institutions. But being outside of the banking system can leave people vulnerable, especially during a pandemic where many retailers and businesses are relying on cashless transactions.

How do the unbanked or underbanked financially navigate living in the U.S.? And what does an increasingly cashless future look like for them?

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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