The FDIC released a report documenting in incredible detail the underbanked and unbanked populations in the US. I’ll do a series of articles on various aspects of the report, but here are a few teasers. . .
- Approximately 9 million households (7.7%) are unbanked (no bank relationship) and 21 million (17.9%) are underbanked (have a bank, but use alternative financial services)
- 54% of black households and 43% of Hispanic households are unbanked/underbanked.
- Not having enough money is the top reason given for unbanked households not holding an account. See also: Why are check cashing stores necessary?
Executive Summary available here
