A Better Approach for Unbanked Restaurant Employees

More than 75 percent of Americans say that increasing financial stress is impacting their productivity at work.  Financial insecurity has hit all-time highs in many segments of the workforce, including the restaurant and quick service restaurant (QSR) industries, whose workers tend to be more underserved with less access to affordable banking services.  Workers who lack access to basic financial services are subjected to paying expensive fees for things like cashing a check.  We believe there is a better approach for workers which reduces costs for employers and promotes financial wellness for employees.

According to a 2021 estimate by the Federal Deposit Insurance Corporation (FDIC), there are 4.5 million households in the US that are unbanked, often disproportionately people of color, with no checking or savings account at a bank or credit union. Research also identifies a large segment of the population as ‘underbanked,’ those who may have a basic bank account but are still…