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The Federal Reserve estimated there are 55 million unbanked or underbanked adult Americans in 2018, which account for 22 percent of U.S. households. [2] [3] One report found the nationwide rates to be 7.7% unbanked and 17.9% underbanked, with the most unbanked state Mississippi, at 16.4%.
An FDIC survey of unbanked Americans in 2023 found that the most common reason cited for not having a bank account was an inability to meet minimum balance requirements.
Federal agencies can access any financial records if the records in question are connected to a law enforcement investigation. [3] The act also gives any government department or agency the ability to request access to a customer's information. [1] The government can access financial records through six exceptions: [3] [1] Grand jury subpoena
Measuring financial access is essential for strengthening the link between theory and empirical evidence. Currently, the main proxy variables that measure financial access include: the number of bank accounts per 1,000 adults, number of bank branches per 100,000 adults, the percentage of firms with line of credit (large and small firms). [5]
One-third (33 percent) of unbanked households in 2023 cited a reason related to fees or a minimum balance as the main reason for not having an account at a bank. These included bank fees being too ...
A household is considered “unbanked” when no one in the household has a checking or savings account at a bank or credit union. Unbanked individuals use alternative means to manage their money ...
The percentage of US households lacking access to a checking account is now at a record low, according to a new FDIC report, but minorities still have a weaker connection to the banking system ...
Law enforcement authorities have stated that the risk of money laundering and other illicit activities is higher in PTAs that are not adequately controlled. Risk Factors PTAs may be prone to higher risk because U.S. banks do not typically implement the same due diligence requirements for PTAs that they require of domestic customers who want to ...