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FDIC Study Indicates Nearly 96 Percent of Households have Deposit Accounts; Number of Unbanked Falls to New Low

FDIC Study Indicates Nearly 96 Percent of Households have Deposit Accounts; Number of Unbanked Falls to New Low

Posted: Nov 09 2022
According to the FDIC National Survey of Unbanked and Underbanked Households, nearly 96 percent of US households had a depository institution account in 2021.  An estimated 5.9 million or 4.5 percent of households were unbanked, the lowest rate since the biennial survey began in 2009.

The FDIC notes that about 1.9 million more households were banked than in 2019 and that while unbanked rates were higher among some racial and ethnic minority groups, the gaps had decreased.  The unbanked rate fell by 2.5 percentage points for Black households, 2.9 points for Hispanic households and 9.4 percent for Native American and Alaska Native households, compared with a 0.4 percent decline for white households.

The study states that just over 20 percent of unbanked households said a lack of funds to meet minimum balance requirements as the main reason for not having an account, with a lack of trust in banks being the second most-cited reason.  The survey also collected data about a broader “underbanked” category, which was not measured in 2019.  This category, which includes households that used nonbank products, encompasses approximately 18.7 million households.

To read more, visit: https://www.fdic.gov/news/press-releases/2022/pr22075.html
 

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