Individuals Without Access to Banking
• Millions of Americans work more than one job but rely on non-bank products, costing them hundreds or thousands per year in fees and charges.
• These individuals are unable to open bank accounts because they don’t meet the profit-threshold set by most banks.
• Without a bank account, domestic and international transfers, online purchases, and other common payments are all more expensive.
Underserved & Overcharged Businesses
• Businesses serving these individuals also face challenges and high costs.
• Money transmission businesses commonly pay $300,000 to $1M per year in fees and charges.
• Because they operate outside or alongside the regulated banking industry, the businesses providing these services are risky, unstable, and expensive to operate.
Costly Government Assistance Payments
• Millions of unbanked and under-banked individuals receive government assistance payments in the form of check, pre-paid cards, or cash.
• Without access to regulated banks, individuals incur surcharges of $14 to $22 to receive payments from ‘money services’ willing to cash these checks.