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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.
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 ...
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.
Financial services may be provided by a variety of financial intermediaries that are part of the financial system. A distinction is made between formal and informal providers of financial services, which is based primarily on whether there is a legal infrastructure that provides recourse to lenders and protection to depositors. [ 7 ]
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 ...
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]
The U.S. financial system has a massive reach — more than 4,000 banks and nearly 5,000 credit unions are scattered across the country. ... download their apps or deposit money in their accounts ...