Bank of Hawaii is going after an untapped market by offering an alternative debit card that could cater to more than 100,000 households in the state.

Nearly one-quarter, or 23 percent, of the 450,120 households in Hawaii either don’t have a checking account or supplement their account with nontraditional financial service products such as prepaid cards or money lenders, according to a 2013 survey by the Federal Deposit Insurance Corp.

The state’s second-largest bank is hoping to reach the so-called unbanked and underbanked population when it rolls out its "Ease by Bank of Hawaii" card on Thursday. The free Visa debit card, which requires an initial balance of $25 to open an account, features free access to more than 450 Bank of Hawaii automated teller machines, no monthly service with online statements, no direct deposit requirement to avoid fees, and free 24/7 Bankoh by Phone, mobile banking and eBankoh online banking.

"Ease provides a new banking option well-aligned to the ever-evolving way in which people now bank electronically," said Peter Ho, chairman, president and CEO of Bank of Hawaii, in a statement.

Typically, unbanked and underbanked people have lower income, are unfamiliar with the banking system, are predisposed to prepaid cards, or may not qualify for a checking account because of their past history with handling finances, according to David Oyadomari, executive vice president of products, payments and digital channels for Bank of Hawaii.

Sometimes the only alternatives for that group of people are to turn to reloadable cards, which often are associated with high fee structures; or to use payday lenders, who loan customers small amounts of money at high interest rates with the agreement that the loan will be repaid when the borrower receives his or her next paycheck.

The new Bank of Hawaii Ease card allows customers to avoid such fees because it doesn’t provide checks that could incur overdraft fees and doesn’t allow an Ease cardholder to spend any more than is in the account. Unlike a regular bank account, the Ease card also won’t allow customers to "opt in" for overdraft protection, which would result in a $26 fee if a purchase exceeds the amount available in the account.

"The bottom line here for us is it provides access to the banking system for a good portion of our community that doesn’t have access to the banking system today," Oyadomari said. "So when we introduce this product, these folks will have access to Bank of Hawaii’s ATM network for free and access to our branches, call center, online and mobile banking."

Bank of Hawaii, which reports its first-quarter earnings Monday, had $14.79 billion in assets at the end of 2014.

"(The new debit card) will increase our customer base, especially among the population not part of the banking system today," Oyadomari said. "We think there’s also an opportunity over time where people who enter the banking system through this method will start to follow traditional banking. So this is not only helpful to the community but also helpful to our shareholders."