Been thinking about something that doesn't get talked about enough—millions of Americans actually don't have bank accounts at all. Like, we assume everyone's just using Chase or whatever, but the reality is way different.

Back in 2015, the FDIC found that about 7% of US households were completely unbanked, and another 20% were underbanked, meaning they had accounts but still relied on payday loans and check cashing services. That's over 25 million households dealing with serious disadvantages of being unbanked.

Here's what surprised me: when they asked people why they stayed unbanked, the top reason wasn't what you'd expect. 57% said they literally didn't have enough money to maintain an account. But it went deeper than that—over half said banks weren't even interested in serving them. There's also the trust issue. People worried about fees, wanted privacy, or just didn't believe banks would take them on as customers.

The disadvantages of being unbanked are actually pretty brutal when you think about it. No direct deposit from your employer. No credit history building. You're stuck carrying cash everywhere and paying fees every time you need to cash a check. Over time, that adds up.

But here's the thing—the disadvantages of being unbanked are way worse than the effort it takes to open an account. Once you do it, your money's federally insured. You get a debit card, ATM access, free check deposits. You start building credit with the bank, which opens doors to better loan rates later. Plus, depending on the account, you can actually earn interest.

The good news? Banking's gotten way more accessible. Online-only banks now exist with minimal fees and no minimum deposits, so you don't need to save up first. You can apply entirely online—just need your name, address, maybe a social security number or ITIN. Takes like 15 minutes.

If you're currently dealing with the disadvantages of being unbanked, honestly, opening an account is probably the single best financial move you can make right now. It's not about having a ton of money—it's about building a foundation.