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They’re known as the unbanked, and the most recent numbers from the Federal Deposit Insurance Corp. (FDIC) show that 4.5 percent of U.S. households — about 5.9 million people — are unbanked ...
Here’s a look at why people are unbanked and reasons to consider banking at an FDIC-insured bank: Unbanked households are at a record low, but higher for some groups.
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.
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%.
Among the unbanked, a significant number are women and poor people in rural areas. Often, those excluded from financial institutions face discrimination or belong to vulnerable or marginalized populations. Due to the lack of financial infrastructure and financial services many under-served and low-income communities suffer.
According to the FDIC, about 4.5% of U.S. households are "unbanked," as of 2021. While that's just a tiny percentage of the population, it represents nearly 6 million people living in households ...
In light of the lack of financial access for the poor, over the past few decades developments in micro finance institutions have managed to provide financial services to some of the world's poorest, and achieved good repayments. There are still work to be done to build inclusive financial systems.
Some minority households even lost ground between the last survey, in 2021, and 2023. American Indian or Alaska Native households saw the sharpest rise in the portion considered unbanked, to 12.2% ...