FDIC Releases Unbanked and Underbanked Household Survey

On Thursday, October 20, 2016, the FDIC released its annual National Survey of Unbanked and Underbanked Households for 2015.  The agency held a corresponding event to release the report and discuss its findings, which showed:

  • Seven percent of U.S. households are unbanked and almost 20 percent are underbanked, which means the consumer has a bank account, but used an alternative financial service within the last six months. Sixty-eight percent of households are fully banked, which is up one percent from 2013.
  • Unbanked rates declined substantially among groups that had high unbanked rates in 2013, including households with incomes of less than $15,000, younger households, and black and Hispanic households.
  • More than one in five U.S. households had income that “varied somewhat from month to month” or “varied a lot from month to month” (over the past 12 months).
  • The most common reason responders offered for not having a bank account was they “do not have enough money to keep in an account.” An estimated 57.4 percent of unbanked households cited this as a reason and 37.8 percent cited it as the main reason.