Just realized something kind of wild about the disadvantages of being unbanked in America. Like, we assume everyone just has a regular bank account, but millions of people straight up don't. And it's not always because they're lazy or don't care—there's actually a whole system working against them.

Back in 2015, the FDIC found that about 7% of US households were completely unbanked. Another 20% were underbanked, meaning they had accounts but also used payday loans and check cashing services instead. That's over 25 million households dealing with this stuff. Pretty significant when you think about it.

The reasons people stay unbanked are actually pretty relatable if you think about it. The biggest one? Nearly 60% said they just didn't have enough money sitting around to maintain an account. But here's the kicker—over half of unbanked respondents felt like banks weren't even interested in serving them. There's this mutual distrust happening. People don't trust banks, banks don't seem to want them as customers, so nothing changes.

What's crazy is how many disadvantages of being unbanked people end up accepting as normal. Without a bank account, you can't get direct deposits. You can't build credit history. You're literally paying fees to cash checks at alternative lenders instead of just... having a bank account. The money you waste on check cashing fees alone could probably cover account maintenance if you had one.

The disadvantages of being unbanked extend beyond just fees though. You're carrying more physical cash, you're more vulnerable to theft, and you're locked out of basic financial tools that could actually help you build wealth. No interest earnings, no credit building, no access to loans at reasonable rates.

Here's what's interesting though—modern banking has actually changed since 2015. Online banks popped up with way lower fees and no minimum deposits. You can open accounts entirely from your phone now. No more excuses about not having time to visit a branch or not being able to afford the minimums.

The disadvantages of being unbanked are real, but they're becoming increasingly optional. If you're in that position, it might actually be worth exploring what's available now. Things have shifted more than a lot of people realize.