The FDIC's definition of 'underbanked', is pretty broad: "...the household had an account at an insured institution but also obtained financial products or serv

The FDIC's definition of 'underbanked', is pretty broad: "...the household had an account at an insured institution but also obtained financial products or services outside of the banking system. "Specifically, a household is categorized as underbanked if it had a checking or savings account and used one of the following products or services from an alternative financial services provider in the past 12 months: money orders, check cashing, international remittances, payday loans, refund anticipation loans, rent-to-own services, pawn shop loans, or auto title loans." I used a money order a few years ago, so that year I was officially underbanked, despite being educated/wealthy (I have a PhD and I'm an accredited investor.) [0] https://www.fdic.gov/householdsurvey/2017/2017report.pdf https://www.fdic.gov/householdsurvey/2017/2017report.pdf