The unbanked and underbanked aren’t withholding their business because of cultural reasons or because they have attitude, according to a new Aite Group study. “The truth is, people are unbanked for very practical reasons, such as credit, price, cash flow, and services issues,” Aite’s research shows: 43 percent of respondents cite credit issues or problems with a previous checking account; 53 percent are dissuaded by such fees as non-insufficient fund penalties for checks or debit card overdrafts, and 40 percent don’t want to pay monthly fees; 47 percent complain that they can’t get cash they need when they need it if it’s the bank; 31 percent don’t want to maintain a minimum balance; 19 percent say checking accounts are an inconvenient way to pay bills.
Service is another area of displeasure. Forty nine percent of those polled preferred the speed of service at a cash-checking operation, and 35 percent pointed to friendliness of service. Bad marks for banks included slow service (30 percent) and inconvenient hours (15 percent).