Underbanked,Undertelecommunicated,Undergrocered, How About Yourself?
I’ve recently been labeled by our government as “underbanked” and although I know why, it makes very little sense to me. Not because I don’t have a checking or savings account-not because I don’t have direct deposit- not because I don’t use or transact on my accounts on a regular basis- but because I’ve bought a cashiers check this year from an institution other than my bank. Simply because it was much cheaper to do it elsewhere than at my bank. I thought that made me somewhat savvy since the cashiers check was something that I had to purchase. That really confuses me because I’ve maintained a bank account every day of my life for the past 16 years and yet I’m “underbanked” based on an illogical definition created by the FDIC. I am going to assume that I am also undertelecommunicated because I frequently choose to send e-mails rather than call someone or undergrocered because I choose to eat fast food every so often. These labels are superficial and just as absurd as “underbanked,” a term used to describe anyone who has used an institution other than a traditional banking institution in order to take care of financial business. And it also seems as though the prefix “under” is perhaps meant to be derogatory as it suggests being beneath, below or less than those who are banked.
Unfortunately, it has come to a point where steps are being taken to re-legitimize banks by making non-bank financial institutions illegitimate . However, the demand for short-term loans and alternative financial services will not disappear.
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