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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.
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%.
They’re known as the unbanked, and the most recent numbers from the Federal Deposit Insurance Corp. (FDIC) show that 4.5 percent of U.S. households — about 5.9 million people — are unbanked ...
Involuntary non-users want to use financial services, but do not have access due to a variety of reasons: First, they may be unbankable because their low income prevents them from being served commercially (i.e. profitably) by financial institutions; second, they may be discriminated against based on social, religious, or ethnic grounds; third ...
Financial inclusion is the availability and equality of opportunities to access financial services. [1] It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which include banking, loan, equity, and insurance products.
According to the FDIC, about 4.5% of U.S. households are "unbanked," as of 2021. While that's just a tiny percentage of the population, it represents nearly 6 million people living in households ...
Being unbanked means that no one in the household has a checking or savings account at a financial institution, such as bank or credit union. Believe it or not, being unbanked isn't exactly rare
Close to 8% of Americans are unbanked, meaning around 9 million are without any kind of bank account or formal financial services. [57] Most of these institutions are structured as nonprofit organizations. [58] Microloans in the U.S. context is defined as the extension of credit up to $50,000. [59]