The 2009 FDIC National Survey of Unbanked and Underbanked Households reveals an estimated 25.6% of U.S. households, about 30 million, are either unbanked or underbanked.
At least 7.7% of U.S. households are unbanked, and another 17.9% of U.S. households are underbanked. At least 17 million American adults reside in unbanked households, and about 43 million adults reside in underbanked households.
Certain racial and ethnic minorities are more likely to be unbanked than the population as a whole.
According to the 2009 FDIC National Survey of Unbanked and Underbanked Households, an estimated 21.7% of black households, 19.3% of Hispanic households, and 15.6% of American Indian/Alaskan households are unbanked.
Nearly 20% of lower-income households — almost 7 million households earning below $30,000 per year — do not have a bank account.
According to the 2009 FDIC National Survey of Unbanked and Underbanked Households, households with earnings below $30,000 account for at least 71% of unbanked households.
The 2009 FDIC National Survey of Unbanked and Underbanked Households indicates about half of unbanked households were previously banked.
The approximately 9 million households that are unbanked are approximately split between households that have never had a bank account (46.9%) and households that were previously banked (49%).
Lacking enough money to feel they need an account keeps unbanked households out of the mainstream financial system.
According to the 2009 FDIC National Survey of Unbanked and Underbanked Households, not having enough money to feel they need an account is the most common reason why unbanked households are not participating in the mainstream financial system.
According to the 2009 FDIC National Survey of Unbanked and Underbanked Households, certain racial minorities are more likely to be underbanked.
The percentage of households that are underbanked is estimated to be 31.6% for blacks, 28.9% for American Indian/Alaskans, and 24.0% for Hispanics.
The majority of underbanked households that go to nonbanks for transactional services such as money orders and check cashing services do so primarily for convenience, speed and cost.
According to the 2009 FDIC National Survey of Unbanked and Underbanked Households, the majority of underbanked households that go to nonbanks for transactional services such as money orders and check cashing services do so primarily for convenience, speed and cost.
According to the 2009 FDIC Survey on Banks' Efforts to Serve the Unbanked and Underbanked, most banks are aware that there are opportunities to serve unbanked and underbanked individuals in their areas, but more can be done.
An estimated 73% of banks are aware that unbanked and underbanked populations exist in their market areas but less than 18% identify expanding services to these groups as a priority in their business strategy.
The FDIC Advisory Committee on Economic Inclusion (ComE-IN) provides leadership on initiatives to expand access to banking services for underserved populations.
The Committee has addressed many issues related to promoting appropriate engagement with the financial mainstream, including affordable small-dollar credit, savings and asset-building, money services businesses, mortgage lending and foreclosure prevention, and “starter” account methods of providing underserved populations with safe, reasonably-priced alternatives to traditional bank accounts.
The FDIC's Alliance for Economic Inclusion (AEI) is bringing banks and organizations together to help underserved populations.
Over 950 banks and organizations have joined the FDIC's Alliance for Economic Inclusion (AEI) to help bring all unbanked and underserved populations into the financial mainstream.
The FDIC's Small-Dollar Loan Pilot Program was a two-year case study that identified best practices for incorporating affordable small-dollar loans into mainstream banking services.
Results to date from the pilot indicate that most pilot banks are using the small-dollar loan product as a cornerstone for long-term relationship building that also creates goodwill in the community.
The FDIC Money Smart program provides comprehensive financial education to help individuals outside the financial mainstream learn how to responsibly use mainstream banking services.
Over two million consumers have learned the basics of managing their finances and effectively using mainstream banking services through the program, which has been shown to positively influence how participants manage their finances in the months following the training.
FDIC provides research and data for consumers, banks, and policymakers.
The FDIC provides research, data, and other resources for consumers, banks, policymakers and others regarding issues related to underserved populations and use of alternative financial services.
FDIC Board Approves Safe Accounts Pilot
The FDIC's Safe Accounts Pilot is a case study designed to evaluate the feasibility of insured institutions offering safe, low-cost transactional and savings accounts. Interested insured institutions can apply through SafeAcctPilot@fdic.gov.
