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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%.
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...
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.
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 ...
Financial-inclusion efforts typically target those who are unbanked or underbanked, and then direct sustainable financial services to them. [2] Providing financial inclusion entails going beyond merely opening a bank account. Banked individuals can be excluded from other financial services. [6]
Electronic transactions require a deposit account (in a bank or other deposit-taking financial institution) and some familiarity with the payment system. [45] Many people in impoverished areas are underbanked or unbanked. [46] In the United States, almost one-third of the population lacked the full range of basic financial services in 2012. [47]
Here are some of the key benefits bank accounts offer. ... Roughly 5.9 million households in the U.S. are unbanked, according to the Federal Deposit Insurance Corporation (FDIC).
Americans that use non-traditional lenders to meet short-term financial needs include almost ten million households that are unbanked or underbanked, according to a 2004 study prepared for The Fannie Mae Foundation by the Urban Institute Metropolitan Housing and Communities Policy Center, "Alternative Financial Service Providers."