This is an article is from the newly released Spotlight July issue.
Unbanking Your Dough
The definition of unbanking stated by Investopedia says “Unbanked” is a slang term for adults who do not use banks or banking institutions in any capacity. Unbanked persons generally pay for things in cash or else purchase money orders. Unbanked persons also typically do not have insurance, pensions or any other type of professional money-related services”.
Even though the term ‘unbanked’ is fairly new the concept is not. Unbanking started after the crash of 1929 in my educated opinion. The banking industry was no longer secure. People lost their entire life’s savings and peace of mind. Ever since that period, people have been awoken to the fact that maybe the banks are not as supreme as they once believed. That belief led to runs on the bank and people keeping all their money on them. They stored the money in their mattresses, in the walls of their homes, and even sometimes in their backyards.
In this day in ago unbanking is very common in hindsight. We all do it whether we realize it or not. Maybe not to the extent as Investopedia mentioned. By using apps such as Qapital, Paypal, Venmo, and other finance apps you have become apart of the craze. Using those apps to store your savings, transfer funds to others, or to simply pay for your lifestyle has helped open a new wave of banking and thinking.
Finance apps like the ones you see to the right of this article are slowly increasing the unbanking mantra. Those apps are pushing to be the new banks in current society’s life. A lot of those apps even have cards similar to a debit card that they are offering their users. The cards are supposed to normalize the unbanking experience. The users get all the perks of having a bank without actually having a bank and the fees that come with it.
Last issue I talked a little bit about the app Qapital. I have been using this app for about three months now and I love it. This app has basically replaced savings account. I found using this app has helped me saved over 700 dollars since I started using it in late May. I highly recommend you to try this app. Qapital makes it very easy to save. It is extremely user-friendly. I liked the fact that I have to wait 1-2 business days to receive my funds. That waiting period helps to validate that the withdraw was intentional and not impulsive.
I hope this gave you something to think about when it can to your finances. Unbanking is a new way of banking that is still in the beginning stages and is far from disappearing anytime soon.
If you have not read the new issue of Spotlight click below!
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