Financial Vocabulary
An area with little or no access to traditional banking services.
What is a banking desert?
Unbanked household that said they didn't have enough money.
What is 22%?
They put account holder's money into the bank for safe keeping and then lend it to others to buy homes, businesses, pay for college, etc.
What is a bank's primary job?
People that don't have a checking or savings account because they onl;y use cash.
What is the unbanked?
At least 51% of the ownership or the majority of the board of directors are Native American.
MDI will primarily serves Native Americans.
What are the requirements to create a Native American-owned MDI?
Special vans or RVs that have ATMs, staff who can help, and travel to bank deserts.
What are Banks on Wheels?
An online-only bank.
What is a neobank?
Households that don't trust banks.
What is 13%?
This goes into a big pool of financial assets.
What is the money you deposit in a bank?
The 5 reasons that having a bank account helps a person.
What are safety, connivence, lower costs, building credit, and saving money
The number of people who make up the Native American racial group in the US.
What is 1.3% of the US population or 400,000 people?
Solve the problem of banking deserts by bringing financial services to communities without banks, teaching people about banking, assist in emergencies, help people that speak different languages, promote fair and safe banking.
What is, how Banks on Wheels helping communities?
A bank or a credit union that is owned by a minority group.
What is a Minority Depository Institution (MDI)?
People who believe that banks do not give them enough privacy.
What is 8% of households?
Set by the Federal Reserve, "The Feds," this determines how much money a bank can loan.
What is the reserve requirement of 1-3%?
The 4 reasons some people don't trust banks>
What are no required documents, too many fees, feeling unwelcome, and don't trust banks?
The 3 essential banking services provided at a Native American-Owned bank.
What are checking and savings accounts, personal or business loans, and financial education?
Banks on Wheels have all the latest technology that keeps money safe.
Why are mobile banks considered secure?
The ability to cover your own living expenses, save money, and handle financial emergencies.
What is financial self-sufficiency?
In 2021, these households were underbanked.
What is about 14%?
We have this believing that the bank will have our money when we want to take it out at an ATM.
What is trust?
The 3 banking services that address the problems of banking deserts.
What are mobile banking apps, online financial services, and credit unions?
The group of Native American-owned banks and credit unions
What are Minority Depository Institutions (MDIs)?
Mobile Banking vehicles show people how to save money, use checking accounts, and avoid banking fees.
What are the 3 ways Banks on Wheels educate communities?
A person who uses traditional banking services but still relies on check cashing services or payday loans.
What is an underbanked person?
In 2021, people that now use mobile banking to manage their money.
What is 43%?
Some customers are charged higher interest rate when they borrow money from the bank.
What is a high-risk loan?
The 3 factors that contribute to creating a banking desert.
What are economic conditions (low-income areas), low population density, and consolidation of banks?
The primary reason that tribal lands are often a banking desert.
What is tribal lands operate under tribal laws and not state laws?
Without banks, people can get into the cycle of debt, so mobile banks offer safe banking options and teach people how to make smart financial choices.
What is, how do Banks on Wheels maintain financial equity?